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USDCAD Rises Ahead Of Powell

  • 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.

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