While these shifts were clearly amplified by technical factors—and, of course, markets are prone to overreaction—the repricing reflects a shifting economic outlook. 2/9  BIS central bankers' speeches  Market expectations about the path for inflation in some major advanced economies have been shifting upward—in the United States, for example, where inflation had persistently been running short of target.
The shift in expectations about inflation and the strength of the global economy brings forward, to some degree, market expectations of less stimulative monetary policy. Over time, rising bond yields in the United States can be expected to put upward pressure on yields elsewhere, including in Canada.