USD/CAD down 30 pips on the day
The story in the past few months has been the unbelievable run of Canadian economic data. It's been a non-stop parade of better-than-anticipated numbers.
That continued today with Canada posting a May trade surplus of $0.76B compared to a deficit of $1.70B expected. it's the first monthly surplus since December.
In the aftermath, USD/CAD fell to 1.3069 from 1.3095. That low matches the January 31 low, which was the low of the year until last week. It was broken very briefly last week in a dip to 1.3059 but the market was nervous about truly breaking it until after the Trump-Xi summit.
Now that risk has passed and the coast is clear. There isn't much standing in the way of a return to the September lows.
