FOREX: Canadian Dollar might be approaching a buy soon

If you look at the top chart you will see a 5 year weekly chart of the Candian Dollar.. Notice how the currency has been in a nice uptrending channel since 2002.. Since the uptrend began, everytime the stochastics moved below the buy line AND turned up, the Canadian Dollar was a buy.. This happened 4 consecutive times and each buy signal was profitable.. Well right now the stochastics are below the buy line which puts me on alert for a possible buy signal..The currency is also approaching the lower channel line which should support the Canadian Dollar if this uptrend is to continue..

The lower chart is also a weekly chart of the canadian dollar.. In the lower panel we have 3 lines...red, blue and green.. I'm only interested in the red line because that line represents the net position of the commercials.. The commercials are usually right about the longterm direction of a market but they MUST be combined with other things if you are to use them profitably..Right now the commercials are holding their largest net long position in quite sometime which leads me to believe a rally is coming... There is no entry to buy right now but I think we should be watching this currency very closely for buy signals...