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Record Can-US Trade Surplus, USDCAD Ignores It

CANADA
  • The merchandise trade surplus was smaller than expected in Mar (C$2.49B vs cons 3.9B) as it narrowed from an upward revised C$3.08B in Feb.
  • Imports were the main driver, jumping a further 7.7% M/M. The strength was broad-based across components and also driven by volumes up 7%, in a sign of an economy running with excess demand.
  • The trade surplus with the US reached an all-time high, widening from $10.9B to $12.6B.
  • Despite this, USDCAD is essentially unchanged on the release, sitting -0.26% on the day near the session low at 1.2809.
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