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Forex News: Canadian Dollar Trades Higher As U.S., Canada Reach

Canadian Dollar Trades Higher As U.S., Canada Reach Deal On NAFTA

10/01/2018 - 03:16:00 (RTTNews)

(RTTNews) - The Canadian dollar traded higher against its major counterparts in the Asian session on Monday, as the U.S. and Canada reached a trade deal to replace NAFTA ahead of the midnight deadline.

The new deal called the United States-Mexico-Canada Agreement would permit more U.S. access to Canada's dairy market and restricts its car exports to Washington.

"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home," said US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland in a joint statement.

Investors digested mixed regional economic data, including data showing a slowdown in China's manufacturing sector in September.

China's official manufacturing purchasing managers index stood at 50.8 in September versus 51.3 in August, while the Caixin manufacturing PMI declined to 50 from 50.6, the lowest since May 2017.

The loonie climbed to 1.4861 against the euro, its strongest since August 15. The loonie is poised to find resistance around the 1.47 mark.

The loonie spiked up to more than 4-month high of 1.2814 against the greenback and held steady thereafter. The loonie is seen finding resistance around the 1.27 level.

The Canadian currency strengthened to 0.9244 against the aussie, a level not seen since September 2015. If the loonie rises further, 0.91 is likely seen as its next resistance level.

The latest survey from the Australian Industry Group revealed that the manufacturing sector in Australia continued to expand in September, and at a faster rate, with a Performance of Manufacturing Index score of 59.0.

That's up from 56.7 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The loonie firmed to an 8-month high of 88.94 against the yen and moved sideways thereafter. The loonie is likely test resistance around the 90.00 area.

Survey from Nikkei showed that Japan's manufacturing sector continued to expand at a steady pace in September, with a manufacturing PMI score of 52.5.

That's unchanged from the previous month, and it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Looking ahead, PMIs from major European economies, U.K. mortgage approvals and M4 money supply and Eurozone jobless rate, all for August, are due in the European session.

In the New York session, U.S. construction spending for August and ISM manufacturing index for September are scheduled for release.

At 9:00 am ET, Federal Reserve Bank of Atlanta President Raphael Bostic speaks about economic development at the Inclusive Economic Development annual conference in Atlanta.

For comments and feedback: contact editorial@rttnews.com

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