Canada trade balance
  • Prior was -1.1 billion
  • Exports $63.88 billion vs $64.31 billion prior
  • Imports $65.15 billion vs $65.41 billion prior
  • Trade deficit narrows to -$1.3B from -$1.5B prior
  • Trade surplus with US widens to $8.3B from $7.8B
  • Exports to US rose 1.6%, imports up 0.8%
  • Energy exports -2.6% on lower crude oil prices
  • Aircraft exports jumped 10.3% on higher US private jet shipments
  • Metal/mineral exports -5.4% on lower gold transfers
  • Real exports +1.4%, showing volume gains despite nominal decline

The details show a mixed picture with lower commodity prices weighing on nominal values while real volumes improved. The widening surplus with the US is a bright spot, though a vulnerability in the election.

USD/CAD is down 25 pips to 1.3876 today.