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Trudeau meets Trump as NAFTA negotiations grab the spotlight

Posted on: October 11, 2017

A very quiet day for the Canadian dollar yesterday with light liquidity ahead of the bigger risk events later in the week. That has continued overnight as participants await the trickle of NAFTA related headlines. The 1.2420 – 1.2600 range continues to hold strong for the moment as the market awaits a catalyst for a breakout. Elsewhere, Catalonian leaders suspended independence proceedings in favour of negotiations, which caused the Euro to pick up a bit of a rally. We will see if this decision causes dissent amongst the separatist faction, many of whom were set on a quick separation from Spain.

Later today the Fed minutes from the September 20th meeting are released although we don’t expect there will be much in the way of new information for the market. The main driver today will likely be any headline risk that comes from the meeting between Canadian Prime Minister Justin Trudeau and President Trump and the start of the fourth round of NAFTA negotiations. With all the easy issues worked out we have seen the rhetoric intensify. Yesterday Mexico threatened to walk away from talks which caused the Peso to make lows not seen since the spring against the USD.

  • Yesterday's NA 1.2484 - 1.2517
  • Asia 1.2496 - 1.2521
  • London 1.2499 - 1.2531


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