EFTA Document EFTA01452852

To: Tazia Smith; paul.norri Vinit Sahni Subject: usdcad update for )E I Classification: For internal use only three points 1. commodity px are much higher - bullish cad 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad (Embedded image moved to file: pic21364.gif) canada still has v vulnerable housing sector and several high profile clients have been exiting canadian risk (pimco ed devlin in ft last week) but nevertheless given 1 a