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Can’t keep CAD capped: Trudeau strengthens the C$

The Canadian dollar continues its recovery path and this time, Prime Minister Justin Trudeau is behind the move. Canada’s PM said that NAFTA talks are advancing in a significant way. So far, Foreign Minister Freeland and also the US and Mexican negotiators have made optimistic sounds. This time, it comes from Canada’s leader.

The C$, which was on the back foot earlier in the day, is now gaining ground. USD/CAD is trading around 1.2770, getting close to the lows of the day around 1.2745.

Earlier, Canada reported a larger than expected trade deficit and this weighed on the loonie. However, future trade is more important. Talks were stuck for a long time until the US removed a key demand of 50% minimum American content in North American cars. In addition, the US wants to focus its efforts on China rather than its neighbors. Both Mexico and Canada have been made exempt from the steel and aluminum tariffs imposed by Trump.

Canada’s trade with its southern neighbor is key to the economy, more than oil exports and fluctuations in their prices.

More:  USD/CAD Forecast April 2-6 CAD climb down

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.