Canada’s merchandise trade deficit narrowed to CAD 1.9 billion in April of 2018 from a downwardly revised CAD 3.9 billion in March and well below market expectations of a CAD 3.4 billion gap.
Exports increased 1.6 percent, boosted by higher sales of metal and non-metallic mineral products, consumer goods and energy products.
Meantime, imports declined 2.5 percent, after reaching a record high in March, mainly due to lower purchases of motor vehicles and parts and consumer goods.
FX market:-
USDCAD rose 27 pips on the release wiping out some modest loonie gains, whilst popping the pair to just above the 1.29 handle.
