6 Feb 2014
USD/CAD surges on Canadian trade balance numbers
FXStreet (London) - USD/CAD jumped today on a wider-than-expected Canadian trade deficit numbers for December. Data released by Statistics Canada showed that the deficit had widened to CAD1.66bn. The Figure represents the biggest deficit since November 2012.
Statistics Canada also revised November’s trade deficit upwards to CAD1.53bn.
Consensus expectations were for a decline to CAD650bn for the month.
Import prices rose 1.6 percent, aided by CAD weakness, while volumes fell 0.4 percent. Export volumes rose by 0.8 percent with prices rising 0.1 percent.
USD/CAD traded sideways leading up to the announcement, with a session low of CAD1.1052 before surging to CAD1.1115 on the announcement up 0.3 percent on the session. The pair remains in bullish territory.
Statistics Canada also revised November’s trade deficit upwards to CAD1.53bn.
Consensus expectations were for a decline to CAD650bn for the month.
Import prices rose 1.6 percent, aided by CAD weakness, while volumes fell 0.4 percent. Export volumes rose by 0.8 percent with prices rising 0.1 percent.
USD/CAD traded sideways leading up to the announcement, with a session low of CAD1.1052 before surging to CAD1.1115 on the announcement up 0.3 percent on the session. The pair remains in bullish territory.