USD/CAD: Canadian Dollar Sensitive To NAFTA Headlines

The Canadian dollar fell after U.S. Trade Representative Robert Lightizer said that time is running out with Canada on NAFTA talks. The U.S. has pressured Canada to join the U.S.-Mexico trade agreement but various deadlines have come and gone with no results.

The U.S. wants to get this negotiation wrapped up as soon as possible to be able to present a trilateral deal to congress ahead of the mid-term elections.

USD/CAD for Sept/ 25, 2018.

USD/CAD for Sept/ 25, 2018.

Gaps remain between the two sides, with the most visible ones being access to the Canadian dairy market and the dispute-resolution mechanism.

A provincial election in the province of Quebec, where a large number of dairy farmers are located, complicates matter as Canada realistically could not make big concessions until after the election.

WTI for Sept. 25, 2018.

WTI for Sept. 25, 2018.

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