According to the latest figures released on Tuesday by Statistics Canada, the Canadian Trade surplus fell unexpectedly to C$2.49B in March from C$3.08B a month earlier versus expectations for a rise to C$3.9B. Exports were up 6.3% MoM to C$63.63B from C$59.84 a month earlier, while imports were up 7.7% MoM to C$61.14B from C$56.76 a month earlier. 

Market Reaction

The still fairly decent Canadian trade figures for March have not provoked a lasting reaction in FX markets, with the loonie still trading subdued just above the 1.28/$ level. The loonie has found support from rising crude oil prices on Wednesday, as commodity traders focus on EU discussion for a ban on Russian oil imports.