Q1’s current account deficit came in worse than expected, falling to $7B on a lower investment income surplus and wider trade deficit…

… which could reverse in Q2 on the Iran conflict. The financial account surplus remained strong at $17B, driven by a record $79B of demand for Canadian bonds…

… which more-than-offset $40B of US tech buying by Canadian investors. Canadian companies also stepped up their investment abroad, with $23B of reinvested earnings and $9B of M&A outpacing $22B of foreign direct investment in the quarter.