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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 predictionUSDCAD 1 14 Canadian US trade balance data November 4 2014

Friday is another big day for both currencies: both countries release jobs figures.