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Bear Flattening And USDCAD Near Session Lows

CANADA
  • FI: GoCs underperform Tsys today, in particular at the front-end as they bear flatten with 2Y yields up 5.2bps (at new highs since 2008 at 2.762%) and 10Y yields up 3.7bps.
  • This is broadly consistent with the larger rise in BAX yields compared to Eurodollars, perhaps supported by the strength in real import growth in earlier trade data.
  • FX: USDCAD is back near session lows, -0.25% at 1.2810, with CAD performing mid-pack of the other commodity exporting majors.
  • The pair currently doesn’t trouble support at 1.2719 (Apr 29 low) or resistance at 1.2914 (May 2 high) although there are large option expiries for tomorrow’s cut-off with $2.35B at 1.310 and $1.19B at 1.3075.
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