Canada trade deficit falls as strong Canadian dollar cuts value of imports

Canada’s trade deficit fell to C$3.04 billion (approximately $2.45 billion) in July, representing a decline from the C$3.76 billion deficit recorded in June. According to Statistics Canada, the reduction was driven in part by a stronger Canadian dollar, which lowered the value of the nation’s imports.

The federal agency released the trade figures on a Wednesday.

However, the timing of the release meant the trade data arrived too late to influence the Bank of Canada’s policy decision. The central bank was scheduled to announce its latest interest rate decision at 10:00 a.m. Eastern Time (1400 GMT) on that same Wednesday.