Canada’s Commerce Mininister Dominic LeBlanc mentioned expects to go to Washington, DC for commerce talks within the subsequent two weeks.
That remark helped to elevate the Canadian greenback in at the moment’s North American session. USD/CAD is down 23 pips to 1.3768 and that has the loonies as the highest performing G10 forex at the moment.
Up to now week, Canada has dropped some tariffs and commerce actions in what may very well be an indication that officers suppose a deal is feasible. Retaliatory tariffs have been dropped final month and a court docket combat over lumber tariffs was additionally shelved. Canadian metal and aluminum producers are struggling for the time being from excessive tariffs whereas farmers have been hit arduous be Chinese language retaliatory tariffs after Canada blocked Chinese language auto imports to align with the US.
This week, Prime Minister Mark Carney was in Mexico to signal a “strategic complete partnership” pact at deepening commerce and funding. Each nations mentioned mentioned they’d enhance commerce infrastructure
together with ports, rail and vitality corridors and make investments and commerce extra in
areas together with vitality, vital minerals and agriculture.
As for the USD/CAD chart, it appears to me like a head-and-shoulders prime may very well be shaping up. A break of the neckline would goal a return to the summer time lows.
USDCAD each day
