Canadian Dollar Rejected at 1.0400

[B]Commentary[/B]: After testing the 1.0400 level this morning, the USDCAD has rocketed higher. We have been looking for a bottom due to speculative positioning and the longer term wave structure, which has an ending diagonal unfolding from 1.4000.

The rally from 1.0400 is impulsive, indicating that the trend has turned. A rally through 1.0497 would instill confidence in a bullish outlook.

[B]Strategy[/B]: Bullish now, against 1.0400, target TBD