USD/CAD Forecast: USMCA replaces NAFTA, Canadian Dollar rallies

In long late night talks, the US and Canada reached an agreement on a new framework for what was known until now as the North American Free Trade Agreement (NAFTA) and now on the United States Mexico Canada Agreement (USMCA).

The Canadian Dollar was already on the move on Friday ahead of the weekend talks that were focused on meeting the deadline of September 30th. After the US and Mexico reached an accord in August, it was unclear if Canada would have joined.

The C$ is rallying with the USD/CAD kicking the week off with a gap to the downside. The pair trades around 1.2846, the lowest in four months. Support is seen at 1.2820 and 1.2730. Resistance is at 1.2880 and 1.3000.


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