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Post Open Market Snapshot

CANADA
  • FI: GoC’s follow the lead from Tsys and open with a bear flattening, currently with 2YY +3.5bps and 10YY +5bps. Relatively little change in the main spreads, with 2s10s at 15bps and 5s30s still inverted at -8bps.
  • FX: USDCAD trades -0.2% at 1.2456 towards its session low. CAD again lags other commodity exporter majors, especially AUD after the RBA dropped “patience” from its rate outlook, but USDCAD still moves nearer to the bear trigger of 1.2430 (Mar 30 low).
  • Ahead of Thursday’s budget with one focus on housing affordability, Toronto average house prices fell -2.6% M/M in March as new listings closed the gap with sales.
  • Caution though, the balancing came as sales fell by more than listings and the dip in prices were likely helped by a shift towards condos which generally have a lower price. The average selling price was up 18.5% Y/Y but the composition-adjusted benchmark price was up 34.8% Y/Y, whilst the average time to sell was just 11 days from 13 a year ago.

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