AUDCAD - on a crossroads

On the AUDCAD pair we see a standard situation where two different approaches to trading are used to open a new trade.

One approach is to wait for a correction and trend continuation (we observe a very strong downtrend) on the other hand we can assume this was just a fake breakout - SL on many accounts has been triggered and maybe it's time to buy this pair?

Since my trading is based on overbought and oversold levels I'm personally oriented for Long position. Is this a good time to open a new trade- maybe - with tight SL.

Trade safe!