In many European canals, the convention is for the waterway authorities
to arbitrarily define a direction so that a 'left' and 'right' bank can
be defined and the appropriate navigational marks installed. So in those
cases, where you see red on one side and green on the other, the
nominated 'direction' can be deduced. If you face in the direction that
places the red marks on your right & green marks on your left, then you
are facing downstream.
Of course, that does not help you in the case of non-navigable or
unmarked waterways.
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