Canada: International Merchandise Trade Deficit narrows to $677 million in May
|- Canada's trade deficit declined at a stronger pace than expected.
- USD/CAD pair posts modest daily gains in early American session.
Canada's International Merchandise Trade Deficit narrowed to $677 million in May from $4.3 billion in April, the data published by Statistics Canada revealed on Thursday. This reading came in much better than the market expectation for a deficit of $3 billion.
"Following a 29.1% decline in April, total exports increased 6.7% in May, reaching $34.6 billion," the publication read. "After falling 25.2% in April, total imports declined a further 3.9% in May to $35.3 billion, with 7 of 11 product sections decreasing."
Market reaction
The USD/CAD pair edged lower after this data and was last seen losing 0.1% on the day at 1.3572.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.