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" ... There appears to be more cross correlation across developed market yields because of the integration of the government bonds markets and the search for yield among large institutional investors. Unlike uniformly low long-term yields, there seems to be more divergence across short-rates in various markets. Canadian short rates is where we expect this divergence to occur and believe that the best way to express this view is through front end steepeners in Canada, being long the short end of the Canadian BA market and short the commensurate U.S. short rate DV01 neutral. The Canadian curve shape is surprisingly similar to the U.S. curve despite poorer growth dynamics and housing price weakness. Coupled with potential NAFTA risk and a slightly more cautious Central Bank, we think it unlikely that the BOC will out hike the Fed over the next 15 months which is what the markets are implying. ... "