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Trend Structure Remains Bullish

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Housing And Credit Data Ahead

CANADA
BulletMarketsFixed IncomeForeign Exchange
  • Data: March housing starts (0815ET) and existing home sales (0900ET) with intl securities transactions and credit aggregates for Feb in between (0830ET).
  • Whilst secondary to tomorrow’s CPI, anything housing/credit related is looked at closely with the BoC currently believing that households are in a good position to handle hikes.
  • FI: GoCs lag the bear steepening in Treasuries, with a more parallel shift as yields rise 1.5-2.0bps across the curve. It sees the Can-US yield differential for 2Y largely unchanged at -2.5bps but the 10Y move towards recent lows of -9bps.
  • FX: USDCAD sees another leg higher in recent trade to leave it marginally higher on the day at 1.2620. It continues to remain below the bull trigger from last week’s high of 1.2676 (Apr 13).
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  • Data: March housing starts (0815ET) and existing home sales (0900ET) with intl securities transactions and credit aggregates for Feb in between (0830ET).
  • Whilst secondary to tomorrow’s CPI, anything housing/credit related is looked at closely with the BoC currently believing that households are in a good position to handle hikes.
  • FI: GoCs lag the bear steepening in Treasuries, with a more parallel shift as yields rise 1.5-2.0bps across the curve. It sees the Can-US yield differential for 2Y largely unchanged at -2.5bps but the 10Y move towards recent lows of -9bps.
  • FX: USDCAD sees another leg higher in recent trade to leave it marginally higher on the day at 1.2620. It continues to remain below the bull trigger from last week’s high of 1.2676 (Apr 13).