The 10 year Canadian yield is now below the 1 year and 3 month yield, which is a good indicator of a potential recession ahead. Rates follow economic growth, so we can interpret yields as a function of the economy. These interest rates also impact the price of money (CAD interest rates). One way to interpret lower interest rates in the Canadian economy is that economic activity is lower and cheap money indicates a discount on loans due to a lack of credit demand. Lack of credit demand could be an issue related to demand itself, access, or credit worthiness. So lower interest rates can quickly impact CAD valuations against other currencies in the FX market.
The trend is pretty clear going back to the early 90s; the 10 year provides a kind of ceiling for yields. There is a kind of megaphone pattern as well, which could indicate that rates will go sharply lower in the coming years, with short term rates bottoming out hard and perhaps even going negative.