- Canadian trade deficit narrowed at a softer pace than expected in September.
- The USD/CAD pair stays in the negative territory despite the uninspiring data.
Statistics Canada on Tuesday reported that Canada’s international trade deficit narrowed to $978 million in September from $1.2 billion in August. This reading came in slightly worse than the market expectation for a deficit of $700 million.
“Canada’s imports fell 1.7% in September, while exports declined 1.3%,” Statistics Canada noted. “Exports to the United States were down 0.6% in September, while imports edged down 0.4%.”
The USD/CAD pair largely ignored the data and was last seen trading at 1.3128, down 0.16% on the day as the commodity-related Loonie outperforms its rivals on the back of rising crude oil prices.
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