Canadian Dollar Under Threat of Terminating NAFTA

President Donald Trump undermined the Canadian dollar in overnight trading.  At a rally in Wyoming, the President repeated his disdain for the North American Free Trade Agreement, suggesting that the United States could not make a new deal without terminating the old agreement first. USDCAD rose to 1.2596, in part because of the Trump comments, fully reversing yesterday’s USDCAD losses

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Canadian Dollar Bias is Negative

The Canadian dollar bias is negative.  The Canadian dollar is being undermined by a variety of influences including: 1)    Positioning:  The speculator community is still substantially long CAD/short US dollars 2)    Oil Prices:   WTI oil cannot sustain gains above $50.00/barrels.  Traders believe that prices within a $47.00-$50.00/barrel range are reflected in the current price. 3)    Bank of Canada: Some traders

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Canadian Dollar in Downtrend

The Canadian dollar is under pressure.  Broad US dollar strength against the FX majors and lop-sided positioning have combined to drive the Canadian dollar lower.  The slide began at the end of July and has continued with only minor interruptions since then. There are several positive factors for the Canadian dollar.  These include robust economic growth that targets 4.0% GDP

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