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Front Rates Resist Larger Pullback In US

CANADA
  • Short-dated Canadian BA futures are largely unchanged from yesterday’s close in a day where red Eurodollars are up to 3.5 ticks higher after Powell didn’t build on growing hawkish rhetoric at his nomination hearing.
  • This is against a backdrop of USDCAD down -0.85% on the day.
  • BAZ2 sits at 98.105 after coming off an intraday low of 98.08 and is towards the top end of yesterday’s range. However, it still remains close to the lowest since the 98.055 on Dec 8 after trending lower last week as the market looks for an increasingly hawkish BOC.
  • With no local data of note until Fri, further Fedspeak plus US CPI tomorrow could be key drivers. Canadian CPI follows on Jan 19 before the Fed and BOC meetings on Jan 26.
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