The Canadian current account surplus was notably larger than expected back in Q1 at $5.0B (cons $3.25B) after a downward revised deficit of $0.14B in Q4 (originally $0.8B).
At 0.8% GDP, it’s the largest CA surplus since 3Q08 but the jump was confined to the goods balance and heavily driven by “energy products, up $6.5 billion on higher prices while volumes were down”. One encouraging rise within imports was for industrial machinery & equipment with the seventh consecutive quarterly increase, potentially boosting output/exports ahead.
Despite a large beat, the oil-reliant improvement and the fact USDCAD had already slid prior to the release helps explain the limited reaction, at 1.2673 for -0.4% on the day.
Having earlier cleared a key support at 1.2714 (May 5 low), the pair now hovers above 1.2660 (61.8% short-term retrace of the April-May rally).

Bullet Markets Fixed Income News Foreign Exchange News Homepage

Chris Harrison

Bullet Markets Fixed Income News Foreign Exchange News Homepage

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