Canada's current account deficit widened by C$6.2 billion to C$7.2 billion in the first quarter of 2026, missing forecasts of a C$4.7 billion gap and marking the 15th consecutive quarterly deficit. The investment income surplus narrowed by C$4.9 billion to C$2.5 billion, mainly due to lower direct investment income. Meanwhile, the trade deficit in goods widened by C$3.3 billion to C$7.7 billion as imports rose faster than exports. Goods imports increased 5.5% to a record C$211 billion, driven primarily by a 38.3% surge in metal and non-metallic mineral products, largely gold, amid sharply higher precious metal prices. In contrast, Canada’s trade surplus in services increased by C$0.8 billion to C$1.3 billion.