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GoCs Reverse Opening Sell-Off, USDCAD Testing Resistance

CANADA
  • GoCs have rallied through the session and have unwound most of the sell-off seen with the open to trade 1bp cheaper across the curve.
  • In rates space, 3M CORRA futures trade up to 3.5 ticks lower on subdued volumes. CORH4/Z4 of -113.5bps still sits close to Friday’s -115bps at levels last seen late last year.
  • USDCAD meanwhile continues to drift higher, last touching 1.3443 to test 1.3443 (Jan 11 high) after which sits 1.3455 (50-day EMA).
  • A strong bounce in exiting home sales in December did little to alter the trajectory across asset classes, whilst earlier manufacturing and wholesale sales data were similar or slightly stronger than their advance releases had implied.
  • BoC business and consumer surveys land shortly at the bottom of the hour.
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