USD/CAD: Canadian Trade Balance

The US Dollar traded sideways against the US Dollar, following the Canadian Trade balance data release on Thursday at 12:30 GMT. The USD/CAD exchange currency rate lost 7 pips or 0.06% right after the release. The Greenback continued trading at the 1.3390 level against the Canadian Dollar.

Statistics Canada released the Canadian Trade Balance data, which came out better-than-expected of negative 1.0B compared with forecast of negative 2.8B.

According to the official release: "Canada's exports rose 1.3% in April, due mainly to higher exports of gold. Imports decreased 1.4%, mostly on lower imports of aircraft. As a result, Canada's merchandise trade deficit with the world narrowed from $2.3 billion in March to $966 million in April, the lowest deficit since October 2018."