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Latest Risk-Off Moves

  • FX: USDCAD firms as equities dip on sell-programs, back above the previously cleared support at the 50-day EMA of 1.2695 on the way to touching session lows of 1.266 earlier.
  • This has opened key short-term support of 1.2636 (Feb 10 low) but will likely require some de-escalation to hit this barring a surprisingly hawkish BOC on Wed.
  • FI: The same risk-off pattern see GoCs firm further, with the front-end touching new sessions lows (-8bps on the day). Belly and longer-end yields also firm sharply but remain off earlier lows, with a modest steepening on the day at a still very flat 37bps for 2s10s.
  • Little yield differential to speak of from a USDCAD cross perspective, with Can yields 1.5bps higher at the front end and 1bps lower at the long end.

Source: Bloomberg

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