Yes, but the experiment you're describing is a little bit artificial because it's a global bond market. If it did happen the way you described it, it would normally be because inflation in country A went up and therefore all of its bond yields went up, and that would for sure pass right through to mortgages. But if it's just a risk premium or just a more general move in rates, it would be rare for Canada's rates to go up all by themselves in the way you described, for those reasons.
