FXstreet.com (Barcelona) - The USD/CAD shot upwards more than 65 pips to set a new 4-day high at 1.0401 on the release of data indicating that Canada posted a trade deficit in the month of November while analysts had expected an increased trade surplus.

In the moment of writing, however, the pair has been rejected from the 1.0401 high, which provided resistance on three occasions on January 5, and is apparently in a free-fall approaching 1.0375.

Canadian imports grew by 3.9% in November, outstripping a 1.1% rise in exports, to establish a trade deficit of C$0.3B for the month. Market analysts had forecast an increase of October's C$ 0.4B trade surplus in the range of C$0.8B.