Canada's Q1 current account deficit narrows less-than-expected

Forex Pros – Canada’s current account deficit narrowed less-than-expected in the first quarter of 2011, official data showed on Monday.

In a report, Statistics Canada said the country’s current account deficit narrowed to a seasonally adjusted CAD8.9 billion, compared to a deficit of CAD10.3 billion in the previous quarter, whose figure was revised from a deficit of CAD11.0 billion.

Analysts had expected Canada’s current account deficit to narrow to CAD3.0 billion in the first quarter. 

Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD edging 0.09% higher to hit 0.9769.




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