US Dollar holds gains after the new NAFTA deal that was announced. What can traders expect next? Stuart Cowell, Market Analyst at HotForex explains more.
2 October, HotForex – The Canadian dollar remained at multi-month high levels against the US dollar after the new NAFTA deal was announced. US President, Donald Trump, praised the ‘wonderful new trade deal’ stating how it was beneficial to US farmers and the auto sector.
He had previously described NAFTA as “the worst trade deal” ever signed and just last week it seemed that the US would move forward without Canada.
This new agreement will calm the markets as the confrontation with China continues. Traders hope that another deal will be made between the US and Japan and the European Union.
US Dollar Holds Gains from the New NAFTA (Video)
USDCAD has recouped to the lower 1.2800s after posting a four-month low at 1.2782 yesterday, which marked the moment of peak euphoria about the USA-Canada trade agreement.
The new USMCA deal arrived with much fanfare, and will now take a considerable time before it is implemented.
This article was written by Stuart Cowell, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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