Both the Canadian dollar and the Canadian bond market are cheap. Their anchors have conflicting trends so it's OK to buy them both. If you have to sell something against them, I would pick the JGB market and the BP respectively. You can also combine the two by going long both simultaneously on a volatility weighted basis.
and now the CGB market:
If you're still not satisfied and you're holding out for a market that has both double anchor uptrends AND is cheap, then ... here you are:
(Both bond charts are as of last night's close)