Canada: Trade deficit declined to $978 million in September from $1.2 billion in August

• Canadian trade deficit narrowed at a softer pace than expected in September.
• The USD/CAD pair stays in the negative territory despite the uninspiring data.

Statistics Canada on Tuesday reported that Canada's international trade deficit narrowed to $978 million in September from $1.2 billion in August. This reading came in slightly worse than the market expectation for a deficit of $700 million.

"Canada's imports fell 1.7% in September, while exports declined 1.3%," Statistics Canada noted. "Exports to the United States were down 0.6% in September, while imports edged down 0.4%."

The USD/CAD pair largely ignored the data and was last seen trading at 1.3128, down 0.16% on the day as the commodity-related Loonie outperforms its rivals on the back of rising crude oil prices.