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Canada’s trade deficit adds to economic concerns

By MoneyWay | Nov 5, 2019

Canada’s trade deficit narrowed by less-than-expected in September as the nation’s exports continued to decline, adding to concerns that trade tensions and uncertainty around global growth are weighing on business. The nation’s merchandise trade gap hit C$978 million ($744 million) in September, from a revised C$1.2 billion deficit in August, Statistics Canada said Tuesday in Ottawa. The result missed economist expectations for a smaller deficit of C$650 million. Blame continues to be the ongoing trade conflicts between the U.S. and China which are starting to look more positive and possibly allowing a reversal in the tariffs war.

Crude climbed for a third day as investors remained optimistic that the U.S. and China are moving closer to signing a trade deal. Futures advanced much as 1.7% in New York on Tuesday and are on track to close at the highest level in six weeks. China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet his counterpart Donald Trump to sign the first phase of a trade deal, according to people familiar with the plans.

Expect the USDCAD to range trade in the short term.

Currently             Close                     Range

USDCAD               1.3174                   1.3151                   1.3135-1.3178

EURCAD               1.4581                   1.4635                   1.4545-1.4646

GBPCAD               1.6953                   1.6945                   1.6899-1.6961

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