That comment helped to lift the Canadian dollar in today's North American session. USD/CAD is down 23 pips to 1.3768 and that has the loonies as the top performing G10 currency today.
In the past week, Canada has dropped some tariffs and trade actions in what could be a sign that officials think a deal is possible. Retaliatory tariffs were dropped last month and a court fight over lumber tariffs was also shelved. Canadian steel and aluminum producers are suffering at the moment from high tariffs while farmers have been hit hard be Chinese retaliatory tariffs after Canada blocked Chinese auto imports to align with the US.
This week, Prime Minister Mark Carney was in Mexico to sign a “strategic comprehensive partnership” pact at deepening trade and investment. Both countries said said they would improve trade infrastructure including ports, rail and energy corridors and invest and trade more in areas including energy, critical minerals and agriculture.
As for the USD/CAD chart, it looks to me like a head-and-shoulders top could be shaping up. A break of the neckline would target a return to the summer lows.
This article was written by Adam Button at investinglive.com.Hence then, the article about canadian dollar gets a lift as trade deal hopes rekindled was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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