Canadian Dollar Bearish (USDCAD Bullish) Pivot at 1.0500

[B]Commentary:[/B] We wrote Friday that “an inverse head and shoulders pattern may be playing out in the short term as well. A rally through 1.0477 increases confidence in the bullish outlook.”

Still, we can not identify a clean 5 wave rally from the low to signal with confidence that the trend has indeed changed from bearish to bullish. 1.0400 remains key to the bullish case. [B]Strategy:[/B] Remain bullish, against 1.0400, target TBD