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Market Commentary

As promised, bonds are drifting around so far this week.  Higher yesterday, slightly lower this morning despite a much lower than expected print on Canadian building permits.  The CAD$ continues to drift around also, maintaining its range in the low 1.18 area.


Big US 3yr auction this morning might provide some direction, but lately the auction has been reasonably strong and orderly, not providing much surprise to the markets.


Technically speaking, we are in the same place we were yesterday, with the indicators hinting at a bullish trading bias.  As the 10 yr treasury remains at 4.82%, we will maintain that stance looking for yields to trend lower in the short term.


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