Canada has been a stand-out in recent years as the only member of the G7 with both a budget and current account surplus. It’s current account surplus turned to deficit earlier today and its budget surplus was positive by only the tiniest of margins.
USD/CAD remains well-bid late this morning on these deteriorating fundamentals. After breaking recent range-tops at 1.2670, a rally toward 1.2764 is seen. 1.3000/20 is monumental resistance if USD/CAD garners fresh momentum.
