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Will Canada change its stance in US trade talks? Carney says no
Canada is holding to its position in trade negotiations with the United States (US), Canadian Prime Minister Mark Carney said on Monday. Any headway in the talks reflects Washington moving towards Canada’s stance, rather than a change on Canada’s part, Carney added.
What did Carney say about US trade talks?
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.
How is USD/CAD trading?
A daily gain of 0.06% puts the USD/CAD pair at 1.4012 at the time of writing.
Canadian Dollar: Frequently Asked Questions
Interest rates set by the Bank of Canada (BoC), oil prices, domestic economic conditions, inflation and the trade balance are the main 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: a willingness to buy riskier assets, known as risk-on, supports the CAD, whereas risk-off sentiment reflects a preference for safe havens. Economic conditions in the US are another major influence on the Canadian Dollar, given that the US is Canada’s largest trading partner.
By setting the interest rate at which banks lend to each other, the Bank of Canada (BoC) influences borrowing rates across the economy and, in turn, the Canadian Dollar. Its primary objective is to keep inflation within 1-3%, raising or lowering interest rates as needed. Relatively high rates generally support the CAD. The Bank of Canada can also alter credit conditions through quantitative easing or quantitative tightening: easing is negative for the CAD, while tightening is positive.
As petroleum is Canada’s largest export, changes in oil prices tend to have an immediate effect on the Canadian Dollar, making oil a major driver of its value. Rising oil prices generally lift overall demand for the currency and push the CAD higher; falling prices tend to have the reverse effect. Costlier oil also increases the likelihood of a trade surplus, providing further support to the CAD.
Traditionally, inflation was regarded as harmful to a currency because it erodes the value of money. With cross-border capital controls now more relaxed, however, the relationship has reversed in modern times. Higher inflation often prompts central banks to raise interest rates, drawing capital from global investors looking for attractive returns. Those inflows boost demand for the domestic currency, which, in Canada, is the Canadian Dollar.
The Canadian Dollar can respond to macroeconomic releases because they indicate how well the economy is performing. 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 may also prompt the Bank of Canada to raise interest rates, strengthening it further. Weak economic figures, by contrast, are likely to weigh on the CAD.
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