Trade Balance (CAD) comes in at 3.855B against 5.728B consensus

Canada’s Trade Balance for August 4, 2026, was reported at 3.855B, falling short of the consensus estimate of 5.728B. This represents a -32.7% surprise compared to expectations. The previous month’s figure stood at 4.243B.

Following the release, the Canadian dollar showed varied movements against major currencies. AUDCAD rose +11 pips at 5 minutes and +12 pips at 15 minutes. CADCHF declined -3.9 pips at 5 minutes and -4.2 pips at 15 minutes. CADJPY fell -2.8 pips at 5 minutes and -3.1 pips at 15 minutes. EURCAD gained +4.0 pips at 5 minutes and +4.6 pips at 15 minutes. GBPCAD saw an increase of +4.8 pips at 5 minutes, settling at +3.8 pips after 15 minutes. NZDCAD moved up +2.8 pips at 5 minutes and +5.9 pips at 15 minutes. USDCAD declined -2.9 pips at 5 minutes and -4.7 pips at 15 minutes. These initial moves are generally smaller than the median 1-hour moves observed after past releases, such as the 6 pips for AUDCAD, 6 pips for CADCHF, 11 pips for CADJPY, 13 pips for EURCAD, 17 pips for GBPCAD, 7 pips for NZDCAD, and 10 pips for USDCAD.