How to truncate a foreign key constrained table?

Why doesn’t a TRUNCATE on mygroup work? Even though I have ON DELETE CASCADE SET I get:

ERROR 1701 (42000): Cannot truncate a table referenced in a foreign key constraint ( mytest . instance , CONSTRAINT instance_ibfk_1 FOREIGN KEY ( GroupID ) REFERENCES mytest . mygroup ( ID ))

drop database mytest;
create database mytest;
use mytest;

CREATE TABLE mygroup (
   ID    INT NOT NULL AUTO_INCREMENT PRIMARY KEY
) ENGINE=InnoDB;

CREATE TABLE instance (
   ID           INT NOT NULL AUTO_INCREMENT PRIMARY KEY,
   GroupID      INT NOT NULL,
   DateTime     DATETIME DEFAULT NULL,

   FOREIGN KEY  (GroupID) REFERENCES mygroup(ID) ON DELETE CASCADE,
   UNIQUE(GroupID)
) ENGINE=InnoDB;