There is, absolutely. In particular, the five-year maturity of government bond yield is used as a reference, of course, for the banks to fund themselves for five-year money, and that, therefore, is a cost to them. How much they need to, in effect, pay for a GIC for five years in order to get the money in the door so they can lend it out for five years is closely related to that competition by the government bond yield.
As a consequence, when bond yields rise globally, even if interest rates are being held constant here, there is a tendency for our bond yields to also rise partway. When it happens, 50% or 60% of the rise of U.S. rates gets passed through to here. You can have mortgage rates rising at the five-year maturity even though Canadian interest rates and principal are being left unchanged.