Canadian Merchandise Trade Narrows, CAD Under Pressure

Canada’s March international merchandise trade:

  • Trade Balance: -C$3.2B vs. -C$2.4B
  • Exports: C$49B vs. C$48.0B prior
  • Imports: C$52.3B vs. C$50.9B prior
  • Trade Balance with U.S: C$3.6B vs. C$3.6B prior
  • Trade Balance rest of the world: -C$6.8B vs -6.4B prior

Note: Prior deficit revised worse from -C$2.9B to -C$3.42B

Canada’s trade deficit with the rest of the world narrowed in March on the strength of a broad-based gain in exports.

Canada posted a merchandise trade deficit with the rest of the world of -C$3.21 billion. Market expectations were for a -C$2.4-billion deficit. The previous month’s trade deficit was revised higher, to -C$3.42 billion, because energy exports didn’t increase as much as anticipated.

The March report indicated exports rose 3.2% on a month-over-month basis, while imports climbed 2.5%.

CAD is currently trading at the low of the day outright to the USD at C$1.3495 and is looking to breach the psychological C$1.3500 handle in risk aversion trading.

USD/CAD for May 8-10, 2019.

USD/CAD for May 8-10, 2019.

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