- Better than the $44B expected
- June deficit was $41.9B
- Softer exports and imports vs June
- Exports to EU -11.7% in July
Canadian trade data released at the same time
- Canadian trade deficit C$2.34B vs C$1.4B exp
- Largest one-month Canadian deficit on record
- Miss due to softer exports (-2.2% m/m)
The slowing in the global economy clearly showed up in these numbers.
USD/CAD has rebounded to 0.9731 on the soft Canadian figures.
