Canadian trade pulled itself out of a nose-dive in October with a 1% rise in exports. That was clearly better than expected as the trade deficit was just 55% of the level expected by economists. The data does not paint a bright picture, however. Exports to the U.S. fell 1% and imports rose 1%, making the 16th month in the past 17 that Canada has “lost” in that regard. U.S. calls to “rebalance” trade (i.e. cut the U.S. trade deficit) at the ongoing NAFTA talks will fall on deaf ears. Furthermore, the growth in exports globally was due solely to the energy sector. When excluding energy, ex...