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GoCs Soften With Tentative Risk-On

CANADA
  • GoC yields hold onto the move higher at open across most of the curve except the front-end which largely reverses it (2YY +1bp, elsewhere +3-3.5bps), supported by little change for front rates in early trade.
  • In contrast to the US, Canadian front-end yields are down 'just' 11bps from yesterday's cycle high of 2.82%, as opposed to the 21bp decline in 2Y USTs from the May 4 high of 2.85%.
  • Can-US yield differentials are down from yesterday’s high but remain a supportive +8bps for 2Y and +4.5bps for 10Y.
  • A dearth of upcoming releases in Canada and US alike leaves yields/rates to be driven by broader risk sentiment.
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