HSBC: Expects the Bank of Canada and the Federal Reserve to start an interest rate cut cycle in June

According to Jinshi's report, economists at HSBC Bank stated that they expect the interest rate cuts by the Bank of Canada and the Federal Reserve to begin in June. The decline in US bond yields may lower the USD/CAD exchange rate through interest rates and risk preference channels. However, in terms of recent safe-haven sentiment, the USD/CAD seems to have risen excessively, so there is some upward buffer for this currency pair.