Canada’s exports to US fall to lowest non-pandemic level since 1997

The dip in Canada's export share to the US below the 66.3% threshold signals a structural shift in trade flows, not just a monthly blip. The concurrent decline in gold and energy exports suggests commodity price volatility or demand softening is driving the rebalancing. This matters for cross-border supply chains and the loonie's sensitivity to US economic cycles. The key question is whether this marks the start of a durable diversification away from the US market or a temporary correction tied to sector-specific headwinds.