The Greenback rebounded from a weekly low against the Loonie, as the report showed that the Canadian trade deficit shrunk in October. The USD/CAD currency pair fell 10 base points to the 1.2634 mark, but succumbed bulls to move the exchange rate higher to the 1.2700 area.
Canadian export sector revealed unexpected signs of strengthening in October, as it marked the first raise since May on increased shipment to the US, while imports kept disappointing. Statistics Canada said that the countryš trade deficit fell to the lowest level in five months of C$1.5B from C$3.4B in the prior month. Strong data came late to influence the Bank of Canada’s monetary policy decision today, which is widely expected to keep interest rate unchanged.
