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CAD: USMCA trade agreement in focus – ING

“The CAD has succumbed to stronger dollar rates and lower oil prices, with neither of those stories looking likely to change near term,” argue ING analysts.

Key quotes

“On the oil side, six to seven weeks of US crude oil stocks rising at 5mn barrels per week have contributed to lower oil prices and it is probably too early to expect any significant changes in OPEC+ production policy – members meet on Sunday in Abu Dhabi.”

“There’s no major Canadian data this week, although we may hear some more news on the USMCA, Donald Trump’s replacement for NAFTA. The ITC is due to provide feedback on it this week and leaders are expected to sign off on it at the end-month G20 meeting in Argentina. We’ll back a stronger US dollar this week and USD/CAD moving close to 1.33.”

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