Q2’s balance of payments data hammers home the trade war impact, with the current account deficit hitting a record $21B on lower exports south of the border…

… and foreign portfolio divestment of $17B accelerating to levels not seen since 2007 - as investors reduce exposure due to uncertainty.

If there was a bright spot in the print, it was in corporate investment - which showed a recovery in the activity of Canadian firms abroad (profit reinvestment, M&A) and a continued appetite from foreign (mostly U.S.) corporates to allocate capital here.

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