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Partial Retracement Of GoC Rally Whilst CAD Outperforms Majors

CANADA
  • FI: GoCs have largely taken their cue from Tsys since open, with a reasonable bear flattening that has since been trimmed to modestly outperform USTs.
  • 2Y yields are up 3bps whilst long-end yields range from +1bps to unchanged. The rise in front-end yields is only a partial retracement of yesterday’s post-FOMC rally, with 2Y yields 13bps below yesterday’s highs of 2.77% (highest since 2008).
  • FX: USDCAD trades +0.2% at 1.2769, moving above the initial post-FOMC drop but as CAD outperforms other majors.
  • Yesterday’s move lower unwinds some of the recent climb in the pair but it’s still high and continues to be considered corrective from a technical perspective. Resistance is eyed at yesterday’s high of 1.2853 (May 4 high) whist support is seen at 1.2714 (Apr 29 low).
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