Canadian trade falls off a cliff

Canadian dollar sinks after trade deficit jumps to second biggest on record because of oil’s collapse

The Canadian dollar sank on Friday after Canada reported its second-highest trade deficit on record in January as prices for the nation’s oil shipments plunged.

The deficit widened to $2.45 billion, doubling from a revised trade gap of $1.22 billion in December, Statistics Canada said Friday in Ottawa. Economists surveyed by Bloomberg News had projected a deficit of $1.0 billion.

The Canadian dollar fell almost half a cent to 79.48 US cents.