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Monthly GDP Ahead

CANADA
  • FI: GoCs see a smaller version of the bear flattening in Tsys an hour after open, with yields 3-5bps higher. Front-end yields are back at levels from early this week (but still some 15bps below highs) whilst long-end yields remain well within yesterday’s range after a sizeable flattening.
  • FX: A stepping back in USD strength sees USDCAD -0.55% at 1.2737 in what’s deemed a corrective pullback. Support is eyed at 1.2648 (50-day EMA) whilst resistance is yesterday’s high of 1.2880.
  • Data: Monthly GDP hits at the same time as US ECI and core PCE at 0830ET. It is expected to have increased a strong +0.8% M/M in Feb (per last month's advance) after Omicron slowed Jan, with focus on the early estimate for March.

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