The Canadian dollar, which closed yesterday's trading at 79.50 against the yen, fell to 79.20 during early Asian deals on Wednesday. The next downside target for the loonie-yen pair is seen around the 78 level.

The yen gained today as a government report showed that Japan posted trade surplus in February for the first time in five months.

The Ministry of Finance said that Japan saw a merchandise trade balance of 82.4 billion yen in February, marking the first surplus in five months. The February figure came in better than expectations for a 13.7 billion yen deficit following the revised record 956.9 billion yen shortfall in January. The original figure came in at -952.6 billion yen.

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