The US Dollar depreciated against the Canadian Dollar, following the Canadian Trade Balance release on Wednesday at 12:30 GMT. The data release was insignificant. The USD/CAD exchange rate lost 6 pips or 0.05% right after the release. The rate continued trading at the 1.3180 level.
The Statistics Canada released Trade Balance data, which came better-than-expected. The index was negative 0.1B compared with forecast negative 1.1B.
The data release was the lowest data release in half a year. The market completely ignored this data release with only 6 base points. It was expected, that the release would affect the market at least from 16 base points up to 40 base points. The reason for such low base point performance most likely is the fact that the markets were expecting the Bank of Canada rate announcement soon after.
| Historical Data Table: Canadian Trade Balance | Economic Calendar for 06.09.2018 | ||||||||
| Date | 07.03.2018 | 05.04.2018 | 03.05.2018 | 06.06.2018 | 05.09.2018 | 12:15PM | US ADP Non-Farm Employment Change | ||
| Actual | -1.9B | -2.7B | -4.1B | -1.9B | -0.1B | 14:00 PM | US ISM Non-Manufacturing PMI | ||
| Forecast | -2.5B | -2.1B | -2.3B | -3.4B | -1.1B | 15:00 PM | US Crude Oil Inventories | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.94572 | 0.94553 | -0.02% | AUD/CAD | 73.26% | 26.74% | |||
| CAD/CHF | 0.73924 | 0.73943 | 0.03% | CAD/CHF | 69.99% | 30.01% | |||
| EUR/CAD | 1.52666 | 1.52635 | -0.02% | EUR/CAD | 25.81% | 74.19% | |||
| USD/CAD | 1.31831 | 1.31822 | -0.01% | USD/CAD | 54.19% | 45.81% | |||