U.S. and Canada Trade Balance Data

USA:

• Export volume, fact 207.40B, previous value 206.30B.
• Import volume, fact 261.40B, previous value 261.80B.
• Trade balance (July), fact -54.00B, forecast -53.50B.

Canada:

• Labor productivity (q/q) (Q2), fact 0.2%, forecast 0.3%.
• Trade balance (July), fact -1.12B, forecast -0.40B.

The US trade balance in July declined less significantly than expected. But it is worth noting that the US trade deficit remains near an annual low. What can be regarded as restrained positive US data.

Fig. 1. U.S. Trade Balance Chart

• Canada’s trade balance widened its deficit in July, but remains near zero.

The USD/CAD pair reacted with restraint to this statics, remaining under pressure from the sale of the US dollar. Given the oversoldness of the US dollar and the preservation of the upward trend for this pair, growth is expected to resume at the rebound from support levels: 1.3320 and 1.3300.

Fig. 2. USD/CAD chart. Current price – 1.3320

Read also: “What are expected from the June Fed meeting”

Hanzenko Anton

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