Trade Balance (CAD) comes in at 4.199B against -2.971B consensus

Canada’s Trade Balance was reported at a surplus of 4.199 billion CAD. This figure significantly exceeded the consensus expectation of a -2.971 billion CAD deficit. The actual print represents a 241.3% surprise compared to the consensus. The previous month’s balance was a surplus of 0.769 billion CAD.

Following the release, market pairs involving CAD showed limited movement within the first 15 minutes. USDCAD moved -5.1 pips, EURCAD moved -8.1 pips, CADCHF moved +1.8 pips, CADJPY moved -1.1 pips, AUDCAD moved -1.9 pips, GBPCAD moved -0.6 pips, and NZDCAD moved -2.2 pips. These initial movements are generally small relative to the typical 1-hour moves observed after past releases. For instance, USDCAD has a median 1-hour move of 10 pips, EURCAD has a median 1-hour move of 13 pips, and CADJPY has a median 1-hour move of 11 pips after similar events.