Canada’s external trade deficit shrank in August from CAD2.5bn down to CAD1.3bn. The decline was mainly caused by an import decline (3.1%). At the same time, the Canadian export shrank only by 0.1%.
The import dropped down to CAD38.8bn. That was an overall decline seen in most industries.
At the same time, the export reached CAD37.5bn. However, lower price were covered by higher volume. The biggest loser was the export of industrial products and materials. At the same time the export of energy carriers increased during the reporting period.
Forex.
According to , the Canadian Dollar seems to be strengthening against the US Dollar. The experts report that USDCAD is forming wave А/В of level Н4.
A break below the 0.9762 low will resume the recent bearish move, which may well elongate the long-term downtrend if it overcomes the bottom of the MF sloping channel and breaks below 0.9743 and 0.9734.
At the same time, a break above 0.9833 will suggest the forming of wave A/B of H8. In this case, the price may encounter resistance around 0.9883.
