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The yield on Canadian 2-year bonds also surged to their highest since 2011, while their spread versus US equivalents narrowed to the closest in more than a month as markets priced in a nearly 50 percent chance the central bank hikes in January.
Monthly gross domestic product data for October is due on Friday, with market participants bracing for a stronger-than-expected number following Thursday's data and robust wholesale trade numbers for October released on Wednesday.