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  • International Merchandise Trade in Canada was -$2.4 billion in August.
  • USD/CAD continues to move sideways near mid-1.3200s after the data.

Canada’s merchandise trade deficit with the world narrowed modestly to $2.4 billion in August from $2.5 billion in July, the data published by Statistics Canada showed on Tuesday. This reading came in worse than the market expectation for a deficit of $2 billion.

“After two months of strong growth, Canadian merchandise exports and imports stabilized in August. Imports fell 1.2%, while exports were down 1.0%,” the publication read. “When expressed in US dollars, Canadian exports rose 1.0% in August, and imports were up 0.8%.”

Market reaction

The USD/CAD pair largely ignored this report and was last seen losing 0.07% on the day at 1.3256.