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BoC Q&A Sees Option Of Larger Than 50bp Hikes Explicitly Opened

CANADA
  • The main point came right at the start on “more forcefully” potentially involving doing more moves in a row or bigger moves, depending on incoming data, with the BoC thinking both in terms of pace and level and the speed of getting there.
  • FX: USDCAD continues to sink lower but it coincides with USD weakness. Being down -0.7%, CAD notably lags other risk sensitive majors despite the hawkish rhetoric.
  • It touches new recent lows of 1.2571 and moves closer to that support at 1.2562 (61.8% retrace of the Apr-May bull run), clearance of which could open the high 1.24s although would likely require continued risk-on sentiment.
  • FI: 2Y GoC yields sit +5bps higher on the day compared to +0.5bps in Tsys, with similar performance in rates where the BAX yields are led higher by Dec’22 and Mar’22 contracts up 7bps vs 0.5-1.5bps in Eurodollars.
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BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage Bank of Canada Market News

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