CANADIAN CORRECTION

The Canadian February trade deficit came in at -C$5.7 billion, up from January’s -C$4.8. The big story is the huge change in trading patterns. Exports to non-US nations hit a record high in February and were up 10.5% M-o-M to C$22.3 billion. Exports to the US are down 18.4% Y-o-Y, but exports to the EU are up 31.4% Y-o-Y, to China, up 31.9% Y-o-Y, and to India are up 51.5%.