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Market Snapshot Ahead Of BOC

CANADA
  • FI: GoCs underperforming Treasuries, especially at the front-end ahead with 2Y USTs -9.5bps, GoCs -4.5bps. BOC-dated OIS sitting at 47bps priced.
  • FX: USDCAD is +0.1% at 1.2655 after a quick retreat from a high of 1.2676 having fleetingly cleared resistance at 1.2662 (Apr 12 high) and next opens 1.2699 (Mar 17 high).
  • CAD lags other commodity exporting majors and especially NZD after the RBNZ’s 50bp hike overnight, with questions over how hawkish the BOC might be if it does hike 50bps as expected.

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