Canada’s 5-year yield drifted higher on Thursday, but that was before America's trade agitator threatened Canada at 8:15 p.m. ET with a new tariff.

💡See also: Mortgage tidbits below. Wednesday was a peaceful day on the Canadian macro front, but falling U.S. rates proved once again that Canadian bonds are easily distracted by shiny American objects.

Here's what swayed Canada's fixed-rate leading 5-year yield on Tuesday, and in which direction...

💡See also: • WealthONE Bank 2.0 (Link) • A must-read explainer for anyone who thinks Canadian mortgage rates live in a vacuum (Link) • Mortgage Tidbits (below) Canadian bonds started the week by hitching a ride on U.S. Treasuries' coattails. Here's more on that and what else was