See callout bubbles. The higher time frame chart is indicating that this pair could be headed higher as long as these two general demand areas hold up. I'm looking to take stabs at both of these levels to engage what I believe is a longer-term uptrend. Yes, Oil is strong, however, it is coming into an area where I am expecting some sellers to come into the market. In turn, I would like for this pressure on Oil to put some drag on the CAD and give a strong EUR another push upward!
Always measure your risk and be okay with being wrong ; )