Canada: International trade surplus expands to C$2.09 billion in October versus C$2.00 billion expected

Canada posted a stronger than expected trade surplus in October.
USD/CAD largely ignored the data, though the loonie continues to perform well on Tuesday amid risk-on and higher oil prices.

Joel Frank Independent Analyst

Canada's merchandise trade surplus with the world widened to C$2.09 billion in October from C$1.42 billion in September, monthly data published by Statistics Canada revealed on Tuesday. This reading beat market expectations for a surplus of C$2.00 billion. Canadian exports in October rose to C$56.18B from C$52.8B in September, whilst imports rose to C$54.9B from C$51.39B.

Market Reaction

The loonie largely ignored the strong trade figures. USD/CAD has been under selling pressure on Tuesday as the loonie benefits from risk-on vibes and higher oil prices ahead of Wednesday's BoC rate decision and the release of November Ivey PMI data later in the session. The pair is now trading under 1.2600 and is already down over 1.0% on the week.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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