Third quarter current account data from Statistics Canada:
- Lowest deficit since 2008
- In Q2, the deficit was $11.2B (revised to $9.9B)
- Average weekly earnings +3.4% y/y
- Avg workweek remained at 33 hours
Canada has been on a tidy run of good economic data and this keeps the streak going. A better current account along with some good news on wages has knocked USD/CAD down 10 pips to 1.1239 to match the European low.
If the streak of good news from Canada continues, we will be talking about Bank of Canada hikes before the Fed.
Canadian current account deficit chart
