Carney says Canada holds firm in US trade talks
Canadian Prime Minister Mark Carney said Monday that Canada has not shifted its stance in ongoing trade negotiations with the United States. USD/CAD edged up 0.06% to 1.4012.
Carney said any movement in the talks has come from Washington adjusting toward Ottawa’s position, not the reverse. He also confirmed that Canada rejected the trade terms the US put forward in August.
The prime minister framed the standoff as a matter of principle, saying Canada would not compromise on the terms it has set for a deal. He gave no indication of when or whether a revised agreement might be reached.
The remarks come as the two countries continue to negotiate trade arrangements that affect cross-border commerce, with no new concessions announced by either side.
Why it matters for markets: The Canadian Dollar is sensitive to developments in US-Canada trade relations given the close economic ties between the two countries. Signs of a prolonged standoff or a breakthrough in talks can move USD/CAD by shifting expectations for Canada’s trade balance and economic outlook.
Source: FXStreet