This trade is just the opposite of the CADCHF trade setup since these 2 pairs have a strong negative correlation.
But aside from the strong negative correlation, EURCAD has the trade setup which I am looking for so this makes a valid trade for me basing on my rules.
Please refer to this link for the CADCHF trade setup for more details:
Will enter this trade at 1.47900 with initial TP of 1.44600 to achieve 1:2 RRR while setting 165-pip stop loss. I know this is a very wide stop loss but it is just based on the size of the strong red candle which validates the trade idea and EURCAD has a quite high ADR so setting a 165-pip SL is also quite reasonable for the matter.