Eye-watering numbers
- March deficit $31.4B vs $14.79B a year ago
The numbers capture 11 months of the pandemic and they're not pretty. Canada looks like it will have a huge rebound this year -- maybe the best in the world -- but that is a mountain of debt. Moreover, there isn't much of a political effort to bring deficits back into line.
In any case, the FX market doesn't care about debt at the moment. USD/CAD is up 12 pips on the day to 1.2079 and is unchanged since the data.
