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New Cycle Highs For 10Y and 30Y GoC Yields

CANADA
  • FI: GoCs are tracking a broadly similar sell-off to Tsys, with front-end yields up 6bps and the longer end up 9bps.
  • The front-end to belly remains some way below pre-FOMC highs but the long-end has moved to new cycle highs, with the 10Y exceeding 3% for the first time since 2011 and the 30Y at 2.95% the highest since 2014.
  • The Can-US yield differential sits at -3bps for both 2Y and 10Y, still towards the middle of three-month ranges.
  • FX: Dollar strength continues to return and even though CAD easily outperforms other majors, USDCAD trades +0.5% at 1.2812 as it closes in on pre-FOMC levels. Next resistance still a little way off, yesterday’s high of 1.2853 after which it would open the bull trigger of 1.2914 (May 2 high).
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  • FI: GoCs are tracking a broadly similar sell-off to Tsys, with front-end yields up 6bps and the longer end up 9bps.
  • The front-end to belly remains some way below pre-FOMC highs but the long-end has moved to new cycle highs, with the 10Y exceeding 3% for the first time since 2011 and the 30Y at 2.95% the highest since 2014.
  • The Can-US yield differential sits at -3bps for both 2Y and 10Y, still towards the middle of three-month ranges.
  • FX: Dollar strength continues to return and even though CAD easily outperforms other majors, USDCAD trades +0.5% at 1.2812 as it closes in on pre-FOMC levels. Next resistance still a little way off, yesterday’s high of 1.2853 after which it would open the bull trigger of 1.2914 (May 2 high).