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Positive Yield Differential Trimmed, BoC Loan Survey Later

  • FI: GoCs are lagging today’s rise in Tsy yields, selling off 2.5bps at the front end and 4bps in the long end. It sees Can-US yield differentials trimmed further from early yesterday highs but remain at a healthy +6bps and +4bps for 2Y and 10Y.
  • FX: USDCAD unwinds much of yesterday’s gain, -0.3% at 1.3005. Yesterday’s high of 1.3077 now forms initial resistance as it moved near to 1.3091 from the Nov 24, 2022 high.
  • Data: A dearth of local releases could give the BoC’s Senior Loan Officer survey for Q1 more attention at 1030ET. Watching to see how much household and business lending conditions tightened considering 10Y yields increased more than 90bps through Dec 31 - Mar 31.

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