Following poor jobs data from Canada and USDCAD's most single bullish close in over 4-months, it suggests the tide may be about to turn. We highlighted the COTS positioning, and made the argument for a 'sentiment extreme' which if correct, meant too many traders were on the same side of the market and a reversal was on the cards. The Week closed with a Morning Star pattern, a 3-week bullish reversal, to confirm the 2012 trendline remains intact and suggest a multi-month low has been formed. Of course any break below the trendline could be taken as a bearish signal, for now at least it appears set for continued gains ... (full story)