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Daily Market Commentary

Yesterday's CDN CPI number sparked a selloff in the bond markets.  Treasuries were ticking slightly lower until jobless claims were light, and then Philli Fed printed much stronger than expected.  The put pressure on treasuries as well.  What we ended up with was a full on sell-off as support was broken .  Canada's retail sales this morning are putting further pressure on bonds, having come in much higher than expected.


The prospect of higher rates in Canada is becoming more real.  The CAD$ is rising on these developments as well.  It appears we are back to the space where the Canadian economy will outperform the US, giving us a stronger currency and higher relative rates.


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