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Canadian export recovery is firmly on track

Canada posted its strongest trade numbers in two and a half years in June, catching markets by surprise and lighting a fire under the Canadian dollar amid new hopes that the country’s long-struggling exporters have turned a crucial corner.

Statistics Canada on Wednesday reported a merchandise trade surplus of $1.9-billion in June, the biggest since December, 2011 and far better than the small deficit that economists had expected. Statscan also revised the May trade balance to a $576-million surplus from the originally reported $152-million deficit, and trimmed its April deficit to $423-million from $961-million.