Investing.com - Canada’s current account deficit narrowed more-than-expected in the first three months of the year, official data showed on Thursday.
In a report, Statistics Canada said the country’s current account deficit narrowed to a seasonally adjusted C$12.4 billion in the first quarter from a deficit of C$15.6 billion in the preceding quarter. Analysts had expected Canada’s current account deficit to narrow to C$13.0 billion in the first quarter.
This increase was led by an improved trade in goods balance, which recorded a first surplus in more than two years.
In the financial account (unadjusted for seasonal variation), increased foreign currency deposits placed by non-residents in Canada was, for a second straight quarter, the largest contributor to the inflow of funds into the Canadian economy.
Following the release of the data, the Canadian dollar was modestly higher against its U.S. counterpart, with USD/CAD shedding 0.18% to trade at 1.0855.
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