Canada: Goods trade balance swung sharply and unexpectedly into deficit territory – CIBC – by MSalordFX Canada Banks TradeBalance USDCAD
, as had seemed likely prior to the release.“The $3.44bn deficit was the largest since October 2020 and followed a downwardly revised $0.9bn surplus in the prior month.”
“Today's large swing in the trade balance suggests that net trade won’t be the big positive contributor to GDP in Q2 that seemed likely prior to today's release. That doesn't necessarily guarantee that the flash estimate of 0.4% growth for monthly GDP in May is an overestimation, because inventory accumulation could be stronger than previously assumed, although today's data does heighten downside risks.
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