The larger merchandise trade deficit along with the significant deceleration in services exports and higher income payments led to a further widening of the CAD in 2012–13. CAD remained elevated in the first quarter of 2013–14 at 4.9 per cent of GDP but is expected to narrow substantially in the following quarters. BIS central bankers’ speeches  7  23.
The fact that financial markets responded in very similar ways to each of these policy actions lends credence to the view that these actions had the expected effects on markets and are thereby providing significant support to job creation and the economy.