Canada Swings to C$1.8B March Trade Surplus on 18.9% Crude Oil Export Surge

Canada recorded a C$1.8 billion merchandise trade surplus in March—its first in six months—flipping from a $5.1 billion February deficit, as exports surged 8.5% m/m led by crude oil up 18.9%, energy products up 15.6%, and metal exports up 24% to a record C$15.3 billion including precious metals up 37.7%; imports fell 1.6%. Initial reports highlighted price-driven gains and US bilateral surplus widening to $7.1 billion. Later updates noted modest market reaction with the loonie up 0.1% to C$1.3617/USD and 2-year yields at 3.029%, amid Middle East tensions boosting prices though volumes remain weak.