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USDCAD Unwinds Day’s Gains With Risk-On Patch

CANADA
  • The recent patch of risk-on with equities moving higher sees USDCAD fall more than 50 pips to 1.2798, erasing gains for the day at -0.2%.
  • Little change in rates over that period, although front-end GoC yields have resisted a minor rally in Tsys, helping tighten the small negative 2Y yield differential.
  • Scheduled potential drivers: BoC's Macklem at the Senate later at 1830ET with eyes then on data with the Q1 flash for US GDP tomorrow before Canadian GDP for Feb on Fri.
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  • The recent patch of risk-on with equities moving higher sees USDCAD fall more than 50 pips to 1.2798, erasing gains for the day at -0.2%.
  • Little change in rates over that period, although front-end GoC yields have resisted a minor rally in Tsys, helping tighten the small negative 2Y yield differential.
  • Scheduled potential drivers: BoC's Macklem at the Senate later at 1830ET with eyes then on data with the Q1 flash for US GDP tomorrow before Canadian GDP for Feb on Fri.