[B]Commentary:[/B] See yesterday?s chart and analysis as well as the COT report http://www.dailyfx.com/story/charting_center/futures_positioning_cot_report/British_Pound_Commercial_Interest_Points_1184596213473.htmlin order to understand why the USDCAD is close to putting in a significant bottom.
There is no evidence yet that the bottom is in place though. The rally from 1.0416 is in 3 waves so far and therefore the structure remains bearish. A rally through 1.0497 would instill confidence in the upside.
[B]Strategy:[/B] Flat