Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally

Mexico and the U.S. have agreed to step up talks in hopes of reaching an agreement on major issues by August

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The Canadian dollar strengthened to a nearly seven-week high against its U.S. counterpart on Monday, boosted by higher oil prices and optimism that progress could be made in talks to revamp the NAFTA trade pact.

Negotiations to update the North American Free Trade Agreement had stalled since June when the United States imposed tariffs on Mexican and Canadian steel and aluminum. But Mexico and the U.S. have agreed to step up talks in hopes of
reaching an agreement on major issues by August.

“The negotiations have been reinvigorated,” said Scott Smith, managing partner at Viewpoint Investment Partners. “We are seeing some of this NAFTA risk premium in the Canadian dollar evaporate as we get closer to a potential deal.”

The price of oil, one of Canada’s major exports, rose as traders kept the focus on supply disruptions and the possible hit to crude output from U.S. sanctions on Iran. U.S. crude oil futures settled 2.1 per cent higher at US$70.13 a barrel.

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Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally