- Canada posted a surprise trade deficit in March.
- USD/CAD pair posts strong daily gains above 1.2300 after the data.
Canada registered a merchandise trade deficit of C$1.1 billion with the world in March, the monthly data published by Statistics Canada revealed on Tuesday. This reading worse than analysts’ estimate for a surplus of C$0.7 billion.
“In March, Canada’s imports posted a significant increase of 5.5%, while exports edged up 0.3%,” the publication further read.
Market reaction
The USD/CAD pair edged slightly lower from the daily high it set at 1.2346 after this data and was last seen trading at 1.2325, rising 0.4% on a daily basis.
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