USD/CAD: Canadian Trade Balance

The US Dollar traded sideways against the Canadian Dollar, following the Canadian Trade balance data release on Thursday at 12:30 GMT. The USD/CAD exchange currency rate gained 8 pips or 0.06% right after the release. The Greenback continued trading at the 1.3484 level against the US Dollar.

Statistics Canada released the Canadian trade Balance data, which came out worse-than-expected of negative 3.2B compared with forecast negative 2.4B. Note, that the US PPI data was released at the same time.

According to the release: "Canada's exports rose 3.2% in March, led in part by higher exports of energy products. Imports increased 2.5%, mainly on higher imports of consumer goods. As a result, Canada's merchandise trade deficit with the world narrowed from $3.4 billion in February to $3.2 billion in March."