This morning we can see some thrust going on in the UP direction. This is, however far from being enough. One needs to see whether the Resistance area
shown on the hourly chart above can be pierced through. If yes than this would signal a possible trend reversal. Also do not forget the rate decision tomorrow by the BoC
before major announcements are quite common. Also bear
in mind that Oil
reached also a strong resistance point and may start going down. It is much more risky to trade against the major trend. Therefore any long entry taken at this point in time shall be considered a risky undertaking. Personally, as a longer term trader, I want to be sure before going against the major down trend and prefer to wait for trend reversal signals like double, triple bottom, H&S
, higher lows, trendline
breakouts etc. Good trades.