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CAD Supported, GoCs Likely To Soften Further

CANADA
Few local drivers of note with Russia-Ukraine headlines still dominating.
  • FX: Risk-sensitive currencies cheapen in recent trading but remain stronger on the day on potential de-escalation, with USDCAD retracing most of yesterday's rise as it sits -0.36% at 1.2840.
  • The pair remains close to the highs of the range from the past month though, having yesterday cleared the 1.2878 set at the start of the Russian invasion.
  • FI: GoCs saw a bear steepening yesterday with 2YY up +5bps to 1.449% but the rest of the curve closer to +9bps. Futures indicate a further sell-off come at open shortly, with US Tsys also up 5.5-7bps across much of the curve.
  • Next major data drivers are US CPI tomorrow and Canadian employment on Friday. Fed media blackout and no BOCspeak scheduled.
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