This is a lower-tier indicator but something the Bank of Canada is watching. Despite rate cuts, lending conditions worsened in Q3. They may also be concerned that rising yields could further impair lending in Q4.

A problem for Canada (and many other countries) is that the Federal Reserve and US Treasury market does a big part of global rate setting.

Canadian 5-year:

This article was written by Adam Button at www.forexlive.com.