From very ugly to much better, Canadian trade numbers painting an improved economic picture.
And in light of the weak second quarter GDP numbers earlier in the week, and what was by all means weak economic growth in the second quarter, starting the second half of the year on a much better footing.
Looking at Canadian trade date for the month of July this morning and the key takeaways were export volumes rising by 3.4 per cent and imports falling by 1.1 per cent.
The trade deficit narrowed from a record near $4 billion in June to 2.49 billion in July.
A lot of support was from the fact that the energy sector was relatively flat as the anomalous months earlier in the year were a result of declining oil shipments.
These numbers supporting a call that we should expect a bounce back in Canadian growth in the second half of the year, and that too lending support to a range bound Canadian dollar.