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USDCAD Moves Lower As Yield Differentials Narrow

CANADA
  • FI: GoCs continue to underperform Tsys, twist flattening as front-end yields remain higher on the day compared to the outright bull flattening in Tsys (and with similar moves in STIRs).
  • It sees the Can-US yield differentials narrow notably on the day to -5bps for the 2Y and -0.5bp for the 10Y, both towards the middle of 3mth ranges.
  • FX: USDCAD trades -0.32% at 1.2839 amidst flickering USD strength, with CAD lagging AUD and NOK of the commodity exporters.
  • The pair has erased yesterday’s gains but the outlook is still seen as bullish. Resistance is eyed at 1.2914 (May 2 high) after which it would open the medium-term bull trigger of 1.2964 (Dec 20, 2021 high), whilst support is seen at 1.2719 (Apr 29 low).
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