Canadian short-term rates/bond yields falling behind the increases in the US have seen USDCAD move higher.
There’s not much in it though, with 2Y USTs +13bps vs 11bps for GoCs, which help Can-US yield differentials remain narrow at just -3bps for 2Y and -1bps for the 10Y, near highs of the past few weeks.
USDCAD is +0.4% at 1.2549 but CAD comfortably outperforms other risk sensitive currencies, most notably the Antipodeans after the NZ CPI miss overnight.
Powell speaking shortly at the IMF panel.

Bullet Markets Foreign Exchange News Homepage

Chris Harrison

Bullet Markets Foreign Exchange News Homepage

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USDCAD Rises Ahead Of Powell