Canada posts current account surplus of C$1.18 billion in Q1

• Canada’s current account balance moved into the positive territory in Q1.
• USD/CAD continues to trade in a tight range below 1.2100.

Canada has posted a current account surplus of C$1.18 billion in the first quarter of 2021 after registering a current account deficit of C$5.27 billion (revised from C$7.26 billion) in the fourth quarter of 2020.

Other data from Canada revealed on Monday that the Raw Material Price Index and the Industrial Product Price Index increased by 1% and 1.6%, respectively, in April.

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen trading at 1.2070, where it was virtually unchanged on a daily basis.