USD/CAD: Canadian Trade Balance

The US Dollar traded sideways against the Canadian Dollar, following the Canadian Trade Balance data release on Friday at 12:30 GMT. The USD/CAD exchange currency rate lost 9 pips or 0.07% right after the release. The Greenback continued trading at the 1.3245 level against the Canadian Dollar.

Statistics Canada released the Canadian Trade Balance data, which came out better-than-expected of 0.1B compared with the forecast of –0.3B. Note, that the US Employment data set was released at the same time.

According to the official release: "Canada's exports were down 5.1% in June, while imports fell 4.3%, both due in part to significant decreases in crude oil, as well as aircraft and other transportation equipment and parts. As a result, Canada's merchandise trade balance remained in a surplus position, settling at $136 million after posting a $556 million surplus in May. The narrow surplus in June represented 0.1% of total monthly merchandise trade and is within the typical margins for revisions to the trade balance in subsequent months."