This is a large factor in tomorrow’s Q2 Canadian GDP report.
- Prior revised to -12.0B from -12.4B
One thing you don’t hear too much about is how Canada has gone from a c/a surplus country to a massive c/a deficit country since the crisis.
Canadian current account balance
A separate Canadian report showed average weekly earnings up 3.3% y/y in June compared to a 2.4% rise (revised to 2.4%) in May. That ‘s the highest since Sept 2012 and has lent a bid to the Canadian dollar.
