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Daily Market Update

Treasuries are Canadas are mostly unchanged this morning, the long end slightly lower and the shorts slightly higher in a steepening move.

There's been very little action in the market so far as corp traders are waiting for the start of the earnings parade, and government traders are waiting for some data, which they won't get much of today.

Canada's building permits came in stronger that expected for May at 1.1%, but still way off the huge April surprise of 17%.  We are watching housing and building activity closely in Canada - as homeowners as well as bond traders - to see if the market will resists the drag lower from the US and escape the routing.

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