Statistics Canada released current account data on Monday. Canadian current account deficit narrowed to C$16.2 billion in the third quarter from a deficit of C$16.4 billion in the second quarter. The second quarter figure was revised up from a deficit of C$17.4 billion.

The fall in deficit was driven by declines in the trade in goods and services deficit. The trade in goods deficit fell by C$1.3 billion to C$5.1 billion in the third quarter, while the deficit on international trade in services declined by $0.1 billion to C$5.6 billion.