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GDP Beat Sees GoCs Pare Gains, USDCAD Ease Back From Session Highs

CANADA
  • GoCs see a sizeable paring of earlier gains on the back of the GDP beat for both Q1 and the April monthly advance.
  • 2YY climb 3.6bps to limit the rally to -1.8bps on the day and now underperform Tsys, whilst 10YY +1.7bps post data for -3bps on the day but still outperforming.
  • USDCAD decline limited to 10 pips, still near session highs of 1.3651 after which lies key short-term resistance at 1.3668 (Apr 28 high)

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