It's a valid signal, but I wouldnt' take it mainly because I don't trade the H4 timeframe at the moment, but I'm also a bit wary of the minor resistance just above it at the 0.7230 area.
Yeah guys, whoever said not to take EUR/CAD is correct. Yes, it's a valid setup, but as you can see in the screenshot, it's quite risky, since the candle is too long, plus price action in recent days has been very choppy.