Statistics Canada released its periodic account on the changes in the trade balance of the country on Friday. In the most recent report for September, it was announced that the trade deficit has lessened to $ 955 million from 1.4 billion in July.
“Canada's exports rose 1.8% in August, mainly due to an increase in exports of energy products and aircraft. Imports were up 1.0%, mostly on higher imports of gold and crude oil. As a result, Canada's merchandise trade deficit narrowed from $1.4 billion in July to $955 million in August.”
The observed gap between net exports and net imports has diminished more markedly than previously anticipated, as the findings of the report exceeded the initial forecasts that projected the trade deficit to decrease only to 1.1 billion.
Image source: TradingEconomics.com
Thus, the better-than-expected performance of the Balance of Trade Data in Canada benefited investors' confidence, and as a result, the Canadian markets were boosted during Friday's afternoon session.
The USDCAD decreased by 0.15 per cent which admittedly is not a major movement; however, the pair appears to have rebounded from the fundamentally important resistance level at 1.33400, that has persisted since mid-June 2019.
The short-term momentum appears to be becoming increasingly bearish, and a likely correction to as low as 1.31300 could take place before the price reaches the next major support at the same level.
Image source: Trendsharks ©, created with TradingView.com
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