Although Canada’s trade deficit was lower than last month, it still recorded the worst back to back trade deficits on record. Oil prices continue to dominate Canada’s trade, and even with oil hitting $60 USD a barrel, perhaps the trade numbers for March will show a significant increase in exports.
Globally, China’s industrial firms posted their worst slump in profits since late 2011 in the first two months of this year, data showed. The New Zealand dollar tumbled after the country’s central bank flagged a possible cut in interest rates, becoming the latest to turn dovish in the face of slowing global growth. European Central Bank President Mario Draghi said the ECB could further delay an interest rate hike and may look at measures to mitigate the side-effects of negative interest rates, warning that risks to growth were on the rise.
Currently Close Range
USDCAD 1.3415 1.3381 1.3377-1.3430
EURCAD 1.5107 1.5074 1.5063-1.5163
GBPCAD 1.7740 1.7670 1.7645-1.7770
CA: Merchandise Trade January $-4.82B $-4.25B
US: Petroleum Status Report wk 3/22
Crude OIl Inventories -9.6M Brls 2.8 M Brls
Gasoline -4.6M Brls -2.9M Brls