{"id":122310,"date":"2018-02-27T09:49:52","date_gmt":"2018-02-27T14:49:52","guid":{"rendered":"http:\/\/countingpips.com\/?p=122310"},"modified":"2018-06-01T15:42:18","modified_gmt":"2018-06-01T15:42:18","slug":"usdcad-forex-technical-analysis-preparing-for-statistics-in-canada-and-for-nafta-negotiations","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/02\/usdcad-forex-technical-analysis-preparing-for-statistics-in-canada-and-for-nafta-negotiations\/","title":{"rendered":"USDCAD: Forex Technical Analysis – Preparing for statistics in Canada and for NAFTA negotiations"},"content":{"rendered":"
February 27, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

Preparing for the publication of significant statistics in Canada and for NAFTA negotiations<\/strong><\/p>\n

On February 25, 2018, the 7th round of the negotiations on the revision of the North American Free Trade Agreement (NAFTA) has started. Earlier, US President Donald Trump actively advocated its termination. Will the quotes of the Canadian dollar fall if negotiations fail to make progress? On the USDCAD<\/a> chart, the weakening of the Canadian dollar looks like growth.<\/p>\n

The North American Free Trade Agreement between Canada, the United States and Mexico was signed in 1992. US President Donald Trump wants to revise it, because in his opinion, this will greatly increase employment in the US manufacturing industry. The 7th round of talks is expected to end on March 5, 2017. The termination of NAFTA could significantly damage the Canadian economy, as the US accounts for three-quarters of Canada exports. Additional negative factors for the Canadian dollar were economic statistics. In particular, the decrease in inflation in January reduced the likelihood of the Bank of Canada rate hike. In December of the last year, a reduction in the volume of retail and wholesale trade was recorded, while market participants expected its growth. On Friday, March 2, 2018, the GDP for the Q4 of 2017 will be released in Canada. Its growth is expected to be smaller than the Bank of Canada preliminary forecast. On Thursday, Department of Finance Canada is going to publish the budget for the current year. Amid the problems with NAFTA, its deficit is expected to increase.<\/p>\n

\"USDCAD\"<\/p>\n

On the daily timeframe, USDCAD: D1<\/b> is in the rising trend. The further price increase is possible in case of the publication of negative economic data in Canada and positive ones in the US.<\/p>\n