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Market Commentary

 Canadian CPI came in Bank and Bond friendly, with the core rising just 2.0% year over year (below the 2.3% that was expected).  This gives the Bank some room to breath (or cut rates) in the case that the economy turns downward more than expected.  Speaking of....  Canadian retail sales came in far below expectations and leading indicators ticked down as well.  Of course, this all being Canadian data has caused a somewhat muted reaction.  Bonds are ticking up slightly off the data and the CAD$ is modestly stronger.


  This data today is very interesting as it shows some weakness in the Canadian economy while we are seeing persistently strong data south of the border.  Generally, our economy follows along with the US, but we may be seeing a little drag as energy falls off and a strong dollar for the past year catches up with the exporters and manufacturers.


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