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GoCs Modestly Richer Post BoC Surveys, USDCAD Still Probing Resistance

CANADA
  • GoCs trade 1bp richer since the BOS/CSCE surveys, leaving them near unchanged to 1bp cheaper on the day.
  • Softest business hiring plans since 2016 and a moderation in expected wage increases are doing some of the lifting, whilst short-term inflation expectations and price setting behaviour only saw limited moderation (e.g. over a third of firms expect larger than average price increases in the year ahead).
  • USDCAD meanwhile continues to probe resistance at 1.3443 (Jan 11 high) after which sits 1.3455 (50-day EMA) before 1.3480 (200-dma).

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