CADCHF Has been in a downtrend for quite a while, looking at the chart from a wide range POV,It seems the trend is now depleting and poses to give us a possible bullish rotation, but for that to be confirmed(Conservatively),we need a break and close above the immediate resistance, but an aggressive trader might wait for a pullback from the current impulsive move and get in, which isn't totally wrong to do,but having added confluences to ur analysis gives peace of mind in trading ,knowing that even though you traded your plan ,you had much confluences backing up your directional bias.
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Although CADCHF went a little bit down in a healthy way which was obvious to be anticipated,but it is also going as planned too,now we wait for the breakout and look for entries