The Canadian dollar was one of the two gainers against the greenback yesterday, boosted by NAFTA headlines, as well as the rebound in oil prices. As for the US dollar, it remained relatively supported against most of the other G10 currencies, perhaps as investors remained cautious that the US tariffs on USD 200bn Chinese goods could be announced at any moment.
Loonie Surges on NAFTA Optimism, Oil Rebound Helps as Well
The dollar traded higher or unchanged against most of the other G10 currencies on Tuesday. It gained against AUD, NZD, and GBP in that order, while it traded virtually unchanged against CHF, JPY and SEK. The greenback underperformed against CAD and NOK.
The Canadian dollar was one of the two gainers yesterday. It strengthened following headlines surrounding NAFTA, as well as the the rebound in oil prices. The other gainer was NOK, which may have gained due to the rise in oil prices as well, given that Norway is also among the world’s major oil exporting countries.
Yesterday, Canada’s Foreign Minister Chrystia Freeland returned to the US to continue NAFTA negotiations with US Trade Representative Robert Lighthizer. She said that talks over the weekend were...
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