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BoC Surveys Marginally Dovish For CAD FI

CANADA
  • GoCs sit 0.5-1.5bp richer since the detailed BoC business and consumer surveys to modestly outperform Treasuries over that period.
  • It sees GoC yields trade 3.5bp to 7.5bp cheaper across the curve, the front end back closer in line with Tsys after some early underperformance whilst the long end outperforms more clearly (10Y +7.5bps vs +9.5bps).
  • USDCAD meanwhile is near changed at 1.3622, with CAD seeing little benefit from the day’s lift in equities as CAD and NOK underperform other high beta peers with crude oil futures off session lows but still under pressure.

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