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Rate Differential Only Counts For So Much

CANADA
  • The latest extension of risk-off sees USDCAD clear initial resistance at 1.3052 (May 10 high) and in doing so touch a high of 1.3071. It next opens 1.3091 (Nov 24, 2020 high).
  • The positive Can-US yield differential remains at recent highs at the 2Y (+10bps), and whilst it’s been trimmed through the day for the 10Y (+6bps) it still remains relatively high.
  • This circa 10bp improvement compared to a week ago has helped CAD see some outperformance compared to AUD and NZD in particular but USDCAD still sits +0.5% on the day at 1.3061.
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  • The latest extension of risk-off sees USDCAD clear initial resistance at 1.3052 (May 10 high) and in doing so touch a high of 1.3071. It next opens 1.3091 (Nov 24, 2020 high).
  • The positive Can-US yield differential remains at recent highs at the 2Y (+10bps), and whilst it’s been trimmed through the day for the 10Y (+6bps) it still remains relatively high.
  • This circa 10bp improvement compared to a week ago has helped CAD see some outperformance compared to AUD and NZD in particular but USDCAD still sits +0.5% on the day at 1.3061.