Statistics Canada released current account data on Thursday. Canadian current account deficit widened to C$17.5 billion in the first quarter from a deficit of C$13.1 billion in the fourth quarter. The fourth quarter figure was revised up from a deficit of C$13.9 billion.

Analysts had expected a deficit of C$18.5 billion.

The decline was driven by wider gap in the trade in goods. The trade in goods deficit rose to a record C$7.25 billion in the first quarter.