USD/CAD: Canadian Trade Balance

The US Dollar traded sideways against the Canadian Dollar, following the Canadian Trade Balance data release on Wednesday at 12:30 GMT. The USD/CAD exchange currency rate lost 10 pips or 0.08% right after the release. The Greenback continued trading at the 1.3075 level against the Greenback.

Statistics Canada released the Canadian Trade Balance data , which came out better-than-expected of 0.8B compared with the forecast of negative 1.7B.

According to the official release: "Canada's merchandise trade balance with the world was in a surplus position in May for the second time since December 2016. The $762 million surplus in May followed a $1.1 billion deficit in April. Exports rose 4.6% in May, in part due to an increase in exports of motor vehicles. Imports were up 1.0%, mainly on higher imports of aircraft. In real (or volume) terms, exports increased 4.0% and imports were up 1.2%."