Canada: Trade data and BoC Poloz in focus - TDS

Analysts at TD Securities suggest that the BoC’s Governor Poloz will deliver an Economic Progress Report at 8:35 ET as a follow-up to the December meeting and will be a key event for today’s session.

Key Quotes

“We do not expect him to walk back the messaging from the statement but will look for more clarity around some of the more dovish elements.”

“International merchandise trade for October is the lone data release, where TD looks for the balance to deteriorate to -$1.1bn (market: -$0.7bn). The widening deficit should be driven by a rebound in import activity while weaker energy prices should drive a modest decline in nominal exports.”