Swap traders just flipped the script on Canada's central bank outlook.

The market's now pricing in 15 basis points of rate hikes through 2026—triple the 5 bps assumption from before Friday's employment numbers dropped. That's a dramatic recalibration.

What triggered this? Stronger-than-expected job gains. When labor markets show resilience, central banks typically keep their tightening bias alive. The BOC suddenly looks less dovish than traders anticipated just days ago.

For risk assets—crypto included—this matters. Tighter monetary policy in G7 economies tends to reduce liquidity appetite. Even modest rate hike expectations can shift capital flows away from speculative positions.

The 10 bps swing might seem small on paper, but in swap markets, it signals shifting conviction. Participants are adjusting duration exposures and hedging strategies accordingly. Worth watching how this bleeds into broader risk sentiment across digital asset markets.