I am trying to set up GnuCash to keep track of my USD and CAD chequing accounts. I keep running into a problem where all of my imported bank statements into the USD account show empty transactions. These transactions also show up as unbalanced in the Imbalance-CAD accound. There is no Imbalance-USD account created. Has anyone else dealt with this problem effectively?
It sounds to me like your default currency is set to CAD, and when you are (incorrectly) importing your bank data, it automatically assigns the new transactions to the Imbalance account. This will always happen when you do not specify the source and destination of each of the imported transactions.
Review the data file import guide and make sure that you are following the correct procedure (pay particular attention to steps 4 & 5).