USD/CAD retreats as Canadian officials reject bilateral talks on NAFTA

USD/CAD continues to decline from 2-month highs, rejected again from above 1.3000.
A Canadian official said they will continue to negotiate NAFTA, “a trilateral agreement”.

Matías Salord FXStreet

The USD/CAD pair continued to correct lower during the American session after making a run earlier today to 1.3065, the highest intraday level since March 21. Recently dropped to 1.2967.

USD/CAD was still down for the day but significantly off daily highs. From the top retreated almost a hundred pips, pulling back under 1.3000.

The spike took place following comments from White House economic adviser, Larry Kudlow, who mentioned that Trump is seriously considering a shift in NAFTA negotiations contemplating separate deals with Mexico and Canada. Recently a Canadian government official said that NAFTA is a trilateral agreement and they will continue negotiations.

USD/CAD Technical levels

The 1.3000 area is again a resistance level to watch followed by 1.3045 (May 29 high) and 1.3065 (Jun 5 high). On the downside, supports might lie at 1.2945, 1.2915 (Jun 5 low) and 1.2895 (Jun 4 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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