CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

USD/CAD drops back to test 1.2900 on NAFTA news

2018-8-29 11:43:14Trading Strategies
USD/CAD drops back to test 1.2900 on NAFTA news

The Canadian dollar caught a fresh bid-wave last minutes following the reports that Canada is ready to give way for significant concessions in order to secure the NAFTA deal, knocking-off USD/CAD to fresh daily lows just ahead of the 1.29 handle.


The North American Free Trade Agreement is a trade deal signed by Canada, Mexico, and the US, creating a trilateral trade bloc in North America. 


The bears remain on track to retest the twelve-week lows of 1.2888 reached a day before, as the sentiment around the US dollar remains vulnerable amid dovish remarks from the Fed Chair Powell and the US-China trade standoff.


Meanwhile, a mild positive tone seen around oil prices also offers fresh impetus to the resource-linked Loonie. Both crude benchmarks trade better bid ahead of the EIA weekly crude stockpiles report.


Calendar-wise, markets look forward to the Canadian current account data and US Q2 prelim GDP report due later in the NA session.