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CANADA: GoCs Reverse Firmer Open With Strong Retail Sales Report

CANADA
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  • 2Y GoC yields have continued to extend their increase on a strong retail sales report, now nearly 3bp higher post-release for little changed on the day after GoCs opened firmer following global FI strength.
  • It also sees the Can-US 2Y yield differential back unchanged at -145bps, still clearly historically depressed but near highs since the Jan 29 BoC decision.
  • USDCAD has only declined 10-15 pips on it though, at 1.4180 back easily within the day’s range and still above yesterday’s low of 1.4167. Technical trends point to a bearish theme, with support at 1.4107 (50% retrace of Sep 25 2024 – Feb 3 bull cycle).
  • Retail sales were much stronger than first thought in December (at 2.5% M/M vs 1.6% in last month’s advance) following an upward revised 0.2% (initial 0.0%) in Nov, putting the -0.4% M/M in the January advance in good light.
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  • 2Y GoC yields have continued to extend their increase on a strong retail sales report, now nearly 3bp higher post-release for little changed on the day after GoCs opened firmer following global FI strength.
  • It also sees the Can-US 2Y yield differential back unchanged at -145bps, still clearly historically depressed but near highs since the Jan 29 BoC decision.
  • USDCAD has only declined 10-15 pips on it though, at 1.4180 back easily within the day’s range and still above yesterday’s low of 1.4167. Technical trends point to a bearish theme, with support at 1.4107 (50% retrace of Sep 25 2024 – Feb 3 bull cycle).
  • Retail sales were much stronger than first thought in December (at 2.5% M/M vs 1.6% in last month’s advance) following an upward revised 0.2% (initial 0.0%) in Nov, putting the -0.4% M/M in the January advance in good light.