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Partial Retracement In Canadian Assets

CANADA
  • Canadian assets have mirrored the partial retracement from the trough of today’s risk-off moves seen elsewhere.
  • USDCAD has pulled back from an earlier high of 1.2702 to currently sit at 1.2632. Whilst up 1.5% from last week’s low, it is close to where it was at the last BoC meeting, implying minimal impact from a mechanical perspective on the economic projections to be released on Wed.
  • The pullback in fixed income has been lopsided, with longer-end GoC yields back up sharply in recent trading. The 10Y is only -0.5bps on the day having been -6.4bps at its low, and at 1.782% is some 20bps higher than after Dec 8 BoC decision.
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