07:36 AM EST, 02/27/2025 (MT Newswires) -- Canada will release the current account balance for Q4 2024 at 8:30 a.m. ET Thursday, noted Bank of Montreal (BMO).

The bank looks for the current account deficit to narrow to C$1.5 billion in Q4. The goods trade deficit improved thanks to a weaker Canadian dollar (CAD or loonie) and some likely front-running ahead of tariffs.

The front-running is expected to continue into the first couple of months of the year and could support the goods trade balance over that period-at least until United States tariffs are eventually implemented, stated BMO. The trade uncertainty will add additional noise to the data over the short-to-medium term.

The bank estimates the current account deficit at a modest 0.2% of gross domestic product, with the latter figures out the following day.

Canada will also release December's Survey of Employment, Payrolls and Hours (SEPH) at 8:30 a.m. ET Thursday. BMO will look for the job vacancy rate along with average hourly earnings from December's SEPH report. In November the job vacancy rate held steady at 2.9%, the lowest since 2017 while wage growth remained solid at above 5.0% year over year.

In Alberta, a tax cut will likely be the centerpiece as Finance Minister Nate Horner delivers the provincial budget on Thursday. Meanwhile, Ontario heads to the polls one month after Premier Dog Ford called a snap provincial election amid U.S. tariff threats.

On Wednesday, the loonie briefly strengthened after U.S: President Trump vaguely suggested the deadline for 25% tariffs on goods from Canada and Mexico would be pushed back to April 2, added BMO. Still, there was confusion surrounding the comments, with the CAD slightly weaker early Thursday as the tariff saga continues.