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The US and Canada both released trade numbers this morning. The US reported a smaller trade deficit while Canada reported a larger one US Trade Deficit Shrinks, Canada Reports First Deficit in 32 Yrs.
Here are the trade charts courtesy of FX360.com (each piece of economic data has historical charts)
The currency to watch is USD/CAD. From a trade flow perspective, a shrinking deficit in the US and an increasing deficit in Canada could spell more gains for USD/CAD. The currency pair is currently trading right below our Bollinger Band buy zone and if it closes above 1.2515, we could see a move to 1.28.