The Canadian dollar weakened to a one-week low against its U.S. counterpart on Wednesday as
Canada deals with a variant-driven third wave of the coronavirus pandemic and domestic data showed the trade surplus narrowing in February.
Canada's trade surplus with the world narrowed in February to C$1 billion as a global shortage of semiconductor chips hit both imports and exports, Statistics Canada said. "A disruption in the global supply chain for chips
significantly impacted the production of many products, notably motor vehicles as a number of North American plants had to stop production," said Ryan Brecht, a senior economist at Action
Economics.
Toronto, Canada's largest school district, will cancel all in-person learning at elementary and secondary schools as of
Wednesday, health authorities said. On Saturday, Canada's most populous province of Ontario entered a limited lockdown.
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