International merchandise trade data from Statistics Canada:
- Prior was -$2.488B (revised to $2.19B)
In June, the trade deficit of nearly $4B was the largest in a generation.
This reading is a bit of good news for the Canadian dollar. However, the last 10 days have been a sold stream of good news for Canada, including a 9% jump in oil prices and yet the Canadian dollar remains on the floor.
At some point (maybe $50 oil?), you have to believe that the loonie will catch a bid.