The Canadian Dollar weakened against the Greenback, following Canadian Trade Balance data release on Thursday. The USD/CAD currency pair gained only one pip, or 0.01%, and later on was seen to continue to go upwards, thus weakening the Canadian Dollar even more.
The Statistics Canada released lower-than-expected Trade Balance data of negative 4.1B for the month of March. The trade balance continued to stay in the deficit zone.
“In what was expected to be a mundane release, the trade deficit widened to a record level in March,” says Royce Mendes, an economist at CIBC Capital Markets.
