Canada sees 2015/16 balanced budget; cuts growth outlook

As expected, Canadian FinMin Flaherty said Canada can return to a balanced budget by 2015/16 without tax hikes or cuts to provinces. New jobless benefits are to be unveiled soon, the minister said.

The GDP outlook in 2009 is revised down to -2.3 % versus a -0.8% forecast in January. 2010 growth is seen at 2.3% and 3.2% in 2011.

USD/CAD trades near session lows, now at 1.0780.