Canadian Dollar Soars on Expectation NAFTA Changes Will Barely Hit the Nation
The Canadian dollar surged higher against its U.S. counterpart on Tuesday thanks to steady oil prices and easing concerns over the fact that Canada could be hit by any changes to the NAFTA trade agreement.
The pair USDCAD fell more than 0.5% to as low as 1.31600 after the head of a business advisory council to Trump said Canada has a “very special status” and is unlikely to be hard hit by any changes to the North American Free Trade Agreement. President Donald Trump on Monday had said that he intended to renegotiate the trade accord between the U.S., Canada and Mexico in order to better serve U.S. interests.
Meanwhile, prices of oil, one of Canada’s major exports, reversed higher on Tuesday amidst indications of lower production by OPEC and other key producers.
Sell Stop at 1.31600, Take profit 1.31000, Stop loss at 1.31900