Cot 05/04

[B]CAD: [/B]The 13 week index is at 100, which indicates a sentiment extreme.

Tops (in the CAD here) occur when the index is at or close to 100, so expect the CAD to top (USDCAD bottom). Remember, sentiment can remain extreme for weeks.

[B]Implications:[/B] bearish (USDCAD bullish)