Comments from Canada's Foreign Minister

She adds:

  • NAFTA deal will take as long as it takes
  • NAFTA talks show goodwill on all sides
  • Three nations have made a lot of progress since Monday
  • We are definitely getting closer to the final objective

The USDCAD has moved lower today (CAD strengthened), and in the process has moved below a key technical area defined by swing levels, the 38.2% of the move up from the April 17th low and the 100 bar MA on the 4-hour chart. That areas extended from 1.28025-1.2822 (see yellow area in the chart below).

There was a time when the NAFTA news helped the CAD. Then a more less hawkish BOC and stronger USD led to ignoring NAFTA.

Does the NAFTA news held the CAD now? Also helping the currency is stronger oil.

Canada will release their employment tomorrow. The expectation is the

  • net change in employment to rise by 20K vs 32.3 K last month.
  • The unemployment rate is expected to remain steady at 5.8%.
  • Full-time employment is expected to rise by 16.8K vs 68.3K last month.
  • The part times expected to rise by 12K vs -35.9K last month