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Soft GDP Sees GoCs Reverse Underperformance But USDCAD Sets New Lows

CANADA
  • Softer than expected GDP data for October (0.0% M/M vs cons 0.2) and a tepid advance indicator for November of 0.1% M/M has seen GoCs outperform Tsys since the dump of US and Canadian data at 0830ET.
  • GoCs have pared some of their initial gains and now see yields circa 1bp lower over the period, they’re back to trading 2-2.5bp richer on the day to more broadly track Tsys.
  • USDCAD meanwhile initially lifted 15 pips on the soft GDP data to 1.3292, but a subsequent reversal of brief USD strength and equities since moving higher has seen USDCAD plum new recent lows of 1.3256.
  • It’s through 1.3266 (Aug 2 low) with next support seen at 1.3184 (Aug 1 low).
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