Apr. 5, 2016 7:58 PM ET – The Canadian dollar depreciated today versus the USD. The U.S. dollar gained 0.67 versus the CAD in the last 24 hours. Risk off and traders squaring positions ahead of the release of the Federal Open Market Committee (FOMC) meeting minutes tomorrow at 2:00 pm EDT favoured the USD even as the notes from policy makers will signal further patience from the U.S. central bank.
The release of the Canadian Trade at $1.9 billion deficit was almost three times from last month’s figures. Imports declined 2.6 percent, but in a negative note, exports fell 5.4 percent after a record high $43.7 billion in February. The Canadian dollar did not take the release well, but analysts were expecting a slight setback to the strong start of the year.
