Canada Trade Surplus Hits Six-Month High on Strong Oil Exports

Canada posted a C$1.78 billion merchandise trade surplus in March, its first in six months, as higher energy and metals prices boosted export values despite expectations for a deficit. The swing was underpinned by robust demand and pricing for crude, with elevated levels in both Oil – Brent Crude and Oil – US Crude supporting the sharp 15.6% annual rise in energy exports.

Over the past month, Oil – US Crude has fallen about 12%, while Oil – Brent Crude is down roughly 1.2%, suggesting some retracement after the earlier war-driven price spike and raising questions about how durable March’s export boost will be. On a 1-day view, both Oil – US Crude and Oil – Brent Crude screen as Hold and Hold respectively, pointing to a neutral technical stance as markets reassess geopolitical risk and demand signals. Investors can explore more updates, prices, and analysis across global markets at Commodities.