The US reported a wider than expected trade deficit of 43 billion while Canada surprised with a surplus of 0.7 billion. Canadian oil exports will probably hit back later on, as prices have fallen in October and continue falling in November.
This pushes USD/CAD a bit lower from the highs of 1.1426 sliding to under 1.14.
US and Canadian trade numbers are released simultaneously. The United States was expected to report a deficit of 40 billion in September, while Canada carried expectations for a deficit of 0.7 billion.
USD/CAD was already on the move, trading above 1.14 and at a 5 year record, on the background of tumbling oil prices.
WTI Crude oil is trading below $77 and Brent is sliding as well. Here is the chart. USD/CAD has gone a very long way up, and despite this break, the pair is at the highest levels since July 2009.
For more, see the loonie prediction
Friday is another big day for both currencies: both countries release jobs figures.
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