Canadian dollar weakens despite wider trade surplus

News Snapshot:

The Canadian dollar CADUSD weakened against its U.S. counterpart on Tuesday as currency markets unwound some recent sharp moves that had pressured the greenback and despite domestic data showing a wider-than-expected trade surplus in September. The loonie was trading 0.4% lower at 1.3754 to the greenback, or 72.71 U.S. cents, after trading in a range of 1.3691 to 1.3782. On Monday, it touched its strongest intraday level in nearly three weeks at 1.3627. The U.S. dollar gained on Tuesday against a basket of major currencies as a sharp selloff last week was seen as overdone in the short term. There...