Hello and good evening,
A careful study of the USDCAD shows that she is obviously over sold and one need to be careful of all short trade. And to have a buy signal i will be considering my 5min timeframe as you can see on the chart.
My major trendline (cci 400) was broken for a LONG bias and the minor trend on RSI (21) also was broken for a long.
To pull a trigger, ADX strength on my 15min timeframe is still on the decline and may show a weak UP Bias. I put a trendline on ADX waiting for a breakup to start a BUY (IF AND ONLY IF THE BUY WILL PREVAIL). And at the point when the ADX 15min will be ready, we must ensure that the Trend in the CCI 400 and RSI 21 in my 5min timeframe are in place.
LET US WATCH TOGETHER!
James
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