Canada July international merchandise trade -$3.04B vs -$3.30B expected

Canadian trade balance data for July
– Prior was -$3.60B (revised to -$3.76B)
– Exports $44.14B, down 4.9% from June
– Imports $47.18B, down 6.0% from June
Price decreases were widespread and that’s in some part due to Canadian dollar strength. At this point, the BOC has almost-certainly made up its mind but you have to assume they got