EUR/CAD: Bulls in play until 4-hour resistance

• EUR/CAD bulls about to step-up at critical monthly demand. 
• The 4-hour chart offers an upside confluence target at a daily 61.8% Fibo.

There is little downside potential left in this cross as the bears penetrate the deep supply on the monthly chart.

The following top-down analysis illustrates where the next bullish play could unfold.

Monthly chart

The monthly chart is so far heavily bearish, but the bulls could well throw in the towel at this juncture. 

Weekly chart

The 38.2% Fibonacci has a compelling confluence with prior weekly support. 

Daily chart

This upside potential translates into a 61.8% confluence as well. 

4-hour chart

The conditions remain bearish for the time being, but a shift in the environment is what the bulls are waiting upon.