The roller-coaster ride continues:

The current account surplus with the rest of the world (on a seasonally
adjusted basis) increased sharply to $5.6 billion in the first quarter
of 2008, led by higher prices for several exported commodities combined
with a lower travel deficit. The deficits on commercial services and
investment income were largely unchanged.

The slow growth in 2007Q4 was largely blamed on a slowdown in net exports.

Exports recorded a significant 2.2% decline in the fourth quarter, in
the wake of a rising Canadian dollar and extended holiday shutdowns in
several motor vehicle manufacturing facilities. Meanwhile, strong
growth in final domestic demand and an accumulation of wholesale and
retail inventories drove imports up 2.6%. The drop in exports was the
first decline in six quarters, as Canada's international trade balance
continued to deteriorate in the fourth quarter.

Tomorrow we'll find out what the implications of this rebound are for 2008Q1 GDP.