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Highest Govt Yields Since 2018, USDCAD Flat

CANADA
  • FI: GoC yields sits 4-6bp higher with the short-end underperforming Tsys, after selling off 13-15bp across most of the curve yesterday.
  • The 2Y yield of 2.074% and 10Y yield of 2.367% are the highest since late 2018 although with both largely moving in unison of late, 2s10s of 29bps remains off lows of 25bp seen sporadically over the past two weeks (in turn the flattest since Aug-2020).
  • FX: USDCAD trades almost flat at 1.2589 and towards the low end of yesterday’s range during which it cleared the key support level of 1.2587, the Mar 3 low of the post-invasion range, before recovering on a hawkish Powell. Support is now seen at yesterday’s low of 1.2565.
  • Lower oil sees CAD and NOK lag other risk-sensitive currencies vs the USD.

Source: Bloomberg

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