Canada: International trade deficit narrows to $3.3 billion in November

• Canada's trade deficit fell more than expected in November.
• USD/CAD trades with modest gains above 1.2700 after the data.

Canada's merchandise trade deficit with the world declined to $3.3 billion in November from $3.7 billion in October, the data published by Statistics Canada showed on Thursday. This reading came in slightly better than the market expectation for a deficit of $3.5 billion.

"In November, Canada's merchandise exports increased 0.5%, with gold exports posting the largest increase," the publication read. "Imports edged down 0.3%, on lower imports of industrial machinery, equipment and parts."

Market reaction

The USD/CAD largely ignored this report and was last seen gaining 0.3% on a daily basis at 1.2712.