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Market Snapshot Ahead Of Monthly GDP Report

CANADA
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  • GoCs marginally underperform Tsys an hour after the open, with yields 0.5-1.5bp higher.
  • Can-US yield differentials are in the middle of ranges seen over the past five sessions although are off mid-April multi-year lows. 2Y diff at -67bps, 10Y diff at -85bps.
  • BoC-dated OIS shows around 13bp of cumulative cuts priced for the next meeting in June, with the first cut fully priced for July.
  • USDCAD sits within 10 pips of overnight highs of 1.3701 in a move closer to resistance at 1.3731 (Apr 25 high), with next resistance seen around 1.38.
  • The pair sees strong upward pressure considering the limited decline for equity futures, but some have noted strong USD buy signals vs CAD in month-end rebalancing models.
  • Clouding the market reaction will be the important US ECI report for Q1 released also at 0830ET.
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  • GoCs marginally underperform Tsys an hour after the open, with yields 0.5-1.5bp higher.
  • Can-US yield differentials are in the middle of ranges seen over the past five sessions although are off mid-April multi-year lows. 2Y diff at -67bps, 10Y diff at -85bps.
  • BoC-dated OIS shows around 13bp of cumulative cuts priced for the next meeting in June, with the first cut fully priced for July.
  • USDCAD sits within 10 pips of overnight highs of 1.3701 in a move closer to resistance at 1.3731 (Apr 25 high), with next resistance seen around 1.38.
  • The pair sees strong upward pressure considering the limited decline for equity futures, but some have noted strong USD buy signals vs CAD in month-end rebalancing models.
  • Clouding the market reaction will be the important US ECI report for Q1 released also at 0830ET.