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Dovish Reaction Extends As Retail Sales Miss Digested

CANADA
  • The GoC rally extends as the retail sales data are digested, with 2-5Y tenors now down 5bps since the release (7-8.5bps lower on the day) vs Tsy yields dropping 0.5-1bp over the same period.
  • BoC-dated CORRA OIS trimmed to 9bp for the Sept decision (from 10.5bp yesterday) with cumulative 20bp to year-end (from 22bp) for now at least.
  • USDCAD pushes to session highs of 1.3211. Resistance seen at the 20-day EMA of 1.3224.

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