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Retail Sales See USDCAD Edge Lower, GoCs Track Treasuries

CANADA
  • Reasonable core retail sales details but weak momentum heading into Q2 have seen GoC yields rise 2-2.5bps through 2-10Y tenors post retail sales (for +1-2bps on the day) but in lockstep with Tsys post release.
  • GoCs continue to outperform Tsys after significant underperformance earlier in the week both before and after the CPI report.
  • USDCAD has edged ~10 pips lower and at 1.3473 is close to session lows but within yesterday’s range. CAD is no longer weakest non-USD performer on the day with JPY taking the mantle but it’s close.

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