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GoCs Firmer, USDCAD Higher On Ukraine Confusion

CANADA
  • FI: GoCs have opened firmer after what appears a net deterioration in Russia-Ukraine sentiment (2YY -2.6bps, 5YY -2.9bps, 10YY -0.7bps, 30YY -0.1). This follows yesterday’s ~2bp rally across the curve on a combination of FOMC minutes and the initial concerns over troop movements late on.
  • FX: Similarly, USDCAD trades 0.13% firmer this morning at 1.2704 (BBDXY -0.03%). It sits just below early yesterday levels prior to the temporary improvement in geopolitical risk sentiment that set the tone for much of the session. It continues to hold above key support at 1.2636 (Feb 10 low).
  • Data: Another house price measure with Teranet/National Bank for Jan at 0830ET, after existing home sale prices jumped nearly 3% M/M and 28% Y/Y.

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