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Flattest GoC Curve Since Oct2020, CAD Outperforms

CANADA
  • FI: GoC lag the sell-off in Treasuries, led by the front-end for a renewed flattening of the curve.
  • 2YY are +8bps at 1.406% and 17bps lower than the high just prior to the Russian invasion, but 10YY +4.5bps at 1.752% sees 2s10s of just 35bps, the flattest since Oct’20.
  • FX: USDCAD continues to sit towards session lows at 1.2693 for -0.4% on the day as the loonie outperforms other risk-sensitive currencies ahead of the BOC decision. It remains above initial support in yesterday’s low of 1.2654 with a key short-term support eyed at 1.2636 (Feb 10 low).

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