Canadian Dollar sees through its own record surplus
The post Canadian Dollar sees through its own record surplus appeared on BitcoinEthereumNews.com. Canada delivered the kind of trade headline that should have put a firm bid under the Loonie, and the currency barely noticed. Statistics Canada reported the merchandise trade surplus widened to $4.2 billion in May, a four-year high built on record exports worth $77.1 billion, yet the Canadian Dollar drifted lower on the session as USD/CAD held its ground near the 1.4200 handle. A surplus with an expiry date The disconnect makes sense the moment you look at what actually built the surplus. May’s export run was the fourth straight monthly gain, but it was a price story rather than a volume story, and the price doing the heavy lifting was Crude Oil, which has since surrendered most of the war premium that inflated those shipment values. In real, price-adjusted terms, exports were essentially flat on the month, and one bank desk was blunt enough to flag the print as the likely high watermark