Canada posted a trade surplus of C$2.62B in the month of January, the largest since 2008, a release from Statistics Canada showed on Tuesday. That was a larger surplus than the C$2.0B expected and marked a strong rebound from December's surprise deficit of C$1.58B. Analysts said that, given recent commodity price gains, further upside in the country's trade surplus is expected. 

Exports fell slightly to C$56.62B from $56.72B in December, down just 0.2% MoM. Meanwhile, Imports saw a much larger 7.4% MoM decline to $54.0B in January versus $58.30 in December.  

Market Reaction

The loonie did not react to the latest Canadian data release, with FX markets for now more focused on geopolitics and related moves in commodity markets.