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Canada’s Carney says position in US trade talks will remain unchanged
Canada’s stance in trade negotiations with the United States (US) remains unchanged, Canadian Prime Minister Mark Carney said on Monday. Any headway reflects Washington moving towards Canada’s position, he added.
Carney’s key remarks
Canada has not changed its position in trade talks with the US.
Not willing to sign US trade terms offered in August.
To the extent any progress has been made in US trade talks, it's because the US is coming closer to our position.
0.06% daily gain in USD/CAD
A 0.06% daily gain puts the USD/CAD pair at 1.4012 at the time of writing.
Canadian Dollar: Key Questions Answered
Interest rates set by the Bank of Canada (BoC), Oil prices, economic conditions, inflation and the trade balance are the principal drivers of the Canadian Dollar (CAD). Oil is Canada’s largest export, while the trade balance measures the difference between the value of its exports and imports. Investor sentiment also matters: an appetite for riskier assets (risk-on) supports the CAD, whereas a preference for safe havens represents risk-off sentiment. With the US being Canada’s largest trading partner, the strength of the US economy is another major influence on the Canadian Dollar.
By setting the interest rate at which banks lend to each other, the Bank of Canada (BoC) shapes borrowing rates across the economy and exerts considerable influence on the Canadian Dollar. Its primary objective is to keep inflation within 1-3%, raising or lowering interest rates as needed. Comparatively high rates generally support the CAD. Credit conditions can also be adjusted through quantitative easing or tightening. Easing tends to weigh on the CAD, while tightening tends to support it.
As Canada’s largest export, petroleum makes Oil prices a major influence on the Canadian Dollar, often with an immediate effect on its value. Rising Oil prices generally lift the CAD by increasing aggregate demand for the currency; falling prices tend to have the reverse effect. More expensive Oil also increases the likelihood of a trade surplus, providing further support for the CAD.
The easing of cross-border capital controls has changed inflation’s relationship with currencies in modern times. Traditionally viewed as a drag because it erodes the value of money, inflation has instead had the opposite effect. Higher inflation generally prompts central banks to raise interest rates, drawing capital from global investors seeking attractive returns. Those inflows increase demand for the domestic currency, which in Canada is the Canadian Dollar.
The Canadian Dollar can respond to macroeconomic releases that signal the economy’s health. GDP, Manufacturing and Services PMIs, employment figures and consumer sentiment surveys can all shape the CAD’s direction. Economic strength supports the currency by attracting foreign investment and potentially prompting the Bank of Canada to raise interest rates, which strengthens the Canadian Dollar. Weak economic figures, by contrast, are likely to weigh on the CAD.
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