Canadian Oct trade balance report now out 5 Dec

  • CAD -3.36bln rev down from -3.18bln
  • exports +2.7% at 44.46bln vs prev 43.3bln
  • imports -1.6% at 45.93bln vs 46.67bln

Encouraging report sees USDCAD continue its journey lower at new session/recent lows of 1.2623.I posted this earlier.

Canada stats office says:

  • Total exports increased 2.7% to $44.5 billion in October, following four consecutive monthly declines. Prices were up 1.5% and volumes increased 1.2%.
  • Advances were observed in 9 of 11 sections, led by basic and industrial chemical, plastic and rubber products (+12.4%). There were also notable gains in metal and non-metallic mineral products (+4.5%); farm, fishing and intermediate food products (+7.7%); and energy products (+2.7%). Year over year, total exports were up 0.8%.
  • The increases within the basic and industrial chemical, plastic and rubber products, as well as the energy products sections were driven by similar factors in October.
  • Exports of lubricants and other petroleum refinery products (gasoline blending stock), up 44.5%, and refined petroleum energy products (diesel and fuel oils), up 18.4%, rose for a second consecutive month, mostly on higherUSdemand.
  • A recent drawdown in inventories of refined petroleum products in the United States (especially on the East Coast) led to increased exports from Canadian refineries.
  • Exports of farm, fishing and intermediate food products also increased in October, rising 7.7% to $2.8 billion, mostly on higher volumes.
  • Higher exports of canola seed and canola oil were responsible for the increase, partly on higher Chinese demand for Canadian canola.
  • There were also increased exports of canola seed to Mexico, the United Arab Emirates, Pakistan and Japan.

Full report here