CAD review

Western Union:

A smaller but still substantial Canadian trade deficit weighed anew on the loonie which slumped to new session lows. 

Canada posted a C$2.97 billion trade gap in April as imports jumped 2.5 percent and exports fell 0.7 percent. That was down from a C$3.85 shortfall in March but above forecasts to narrow to C$2.1 billion. 

The data was the latest to suggest Canada's economy continued to struggle to gain traction, keeping the door unlocked to further rate cuts.