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NAFTA reminds the driving force for...>

DOLLAR-CANADA
DOLLAR-CANADA: NAFTA reminds the driving force for the loonie, with Canadian PM
Trudeau continuing to fight his country's corner & reports from the Canadian
Free Press suggesting that U.S. President Trump's team "has backed away from its
contentious demands for lucrative procurement projects."
- However, A CBC reporter noted overnight that their sources suggest that the
latest round of trade talks "were "frank" "steady" & "slow". Agriculture,
including Canadian dairy was discussed, as was Chapter 19. If there's going to
be a break through this week, it needs to happen tomorrow," owing to Canadian
Foreign Minister Freeland's schedule.
- USD/CAD last trades at C$1.2920, after briefly breaching C$1.3000 on
Wednesday, with the pair maintaining the recent downtrend. Bears target the
200-DMA & channel base support (C$1.2864/46), a break of which would suggest a
large topping pattern is unfolding. Bulls look for a break back above the 50-DMA
(C$1.3067).
- Canadian CPI & retail sales provide the highlight of this week's domestic
docket when they hit on Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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