TD Securities' Global Strategy Team highlights upcoming Canadian economic data, including the International Merchandise Trade and Payroll Employment Change. The trade deficit is expected to edge lower to $1.0 billion in November, influenced by headwinds in export activity. Additionally, the Bank of Canada held rates steady at 2.25% but adopted a dovish tone amid heightened uncertainty. Canadian economic outlook and data releases"We look for the international merchandise trade deficit to edge lower to $1.0bn in November from the -$0.6bn deficit in October (market: -$0.70bn), reflecting new headwinds to export activity. "The Bank of Canada held rates unchanged at 2.25% in January, but the policy statement took a more dovish tone with an emphasis on heightened uncertainty.