Canada April-March budget deficit hits $314B vs $21.77B a year ago

Eye-watering numbers

  • March deficit $31.4B vs $14.79B a year ago

The numbers capture 11 months of the pandemic and they’re not pretty. Canada looks like it will have a huge rebound this year — maybe the best in the world — but that is a mountain of debt. Moreover, there isn’t much of a political effort to bring deficits back into line.

In any case, the FX market doesn’t care about debt at the moment. USD/CAD is up 12 pips on the day to 1.2079 and is unchanged since the data.

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