North American markets may open lower as traders react to the record U.S. trade deficit.

The U.S. trade gap reached a monthly record high of US$61.04 billion in February, the U.S. Commerce Department said. The increase was spurred by a sharp pickup in the cost of oil, gasoline and other imported industrial supplies and growing pharmaceuticals and clothing.

Canada’s merchandise exports rebounded in February for all major commodities, led by fish and agricultural products, Statistics Canada said today. The merchandise trade surplus rose to $4.8 billion during the month, up from $4.3 billion in January.

Companies exported just over $36.5 billion in goods, a 1.4% gain from January, Statistics Canada said Tuesday.

February imports came in at $31.7 billion in February, down just 0.2% or $60 million less than January, the agency said.

The trade balance with the United States rose to $8.7 billion from nearly $8.2 billion

Meanwhile, the Bank of Canada today announced that it is maintaining its target for the overnight rate at 2.5%. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2.75%.

In other economic news, StatsCan said new housing prices edged up in February compared with a month earlier, while the 12-month rate of increase slowed slightly to 5.1%, the lowest rate since March 2004.

Open Text is among the stocks to watch when markets open today. Shares of software company dropped sharply in after-hours trading Monday after it said it would miss its third-quarter forecast.

Open Text shares were changing hands at US$14.59, down US$2.22 from their regular Nasdaq close.

After the bell, the company said it expects to post revenue of US$104 million to US$106 million. That’s below its earlier guidance of US$108 million to US$112 million.

Canada’s major indices managed modest gains Monday amid strength in energy and the heavily weighted financials sector Monday, while U.S. markets were lower on news of rising oil prices and corporate reports.

After dropping as low as US$52.10 per barrel, light, sweet crude for May delivery settled 39¢ higher at US$53.71 on the New York Mercantile Exchange. That is more than US$4 below the intraday peak set last Monday, though prices remain 42% above year ago levels.

At close the S&P/TSX composite index was up 20 points, or 0.21%, at 9,643.72.

The junior S&P/TSX Venture composite index fell 10.26 points, or 0.55%, to 1,838.55.

In New York, the Dow Jones industrial average slid 12.78, or 0.12%, to 10,448.56. Broader stock indicators were mixed. The S&P 500 was up 0.01, essentially flat, at 1,181.21. The tech-heavy Nasdaq composite index lost 7.23 points, or 0.36%, to 1,992.12.