Highlights of Canada's April trade balance report:
- Prior was a -$3.02B deficit (which was the worst on record)
- Exports down 0.7% from March
- Imports down 2.5% from March
Not a pretty picture for Canadian trade, USD/CAD up 30-40 pips immediately after the release. With oil down $1 today, that ads to the momentum (in the market and in Canadian trade).
Meanwhile, a pair of reports released in the past day showed Toronto and Vancouver house prices up another 10-11% y/y.
