The US and Canada both released trade numbers this morning. The US reported a smaller trade deficit while Canada reported a larger one. Here are the trade charts courtesy of FX360.com
US Trade Balance
Canadian Trade Balance
The currency to watch is USD/CAD. From a trade flow perspective, a shrinking deficit in the US and an increasing deficit in Canada could spell more gains for USD/CAD. The currency pair is currently trading right below our Bollinger Band buy zone and if it closes above 1.2515, we could see a move to 1.28.
Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.
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