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C$ weakens amid trade uncertainty, oil prices dip

C$ weakens amid trade uncertainty, oil prices dipTORONTO: The Canadian dollar edged lower against its US counterpart on Tuesday, pressured by an uncertain outlook for the country’s trade with the United States and lower oil prices.

US President Donald Trump insisted he had a good relationship with Justin Trudeau, just days after blowing up a G7 summit the Canadian prime minister had hosted. But Trump took another dig at Trudeau, saying the United States had a big trade deficit with Canada and that “a little balance” was needed.

The US president’s comments come amid slow-moving talks between Canada, the United States and Mexico to modernize the North American Free Trade Agreement. Canada sends about 75 percent of its exports to the United States and its economy could be hurt if NAFTA were scrapped.

The price of oil, one of Canada’s major exports, dipped even as comments from the Iraqi oil minister cast doubt on whether the Organization of the Petroleum Exporting Countries would decide to boost output at its upcoming meeting.

Copyright Reuters, 2018

Source: Brecorder

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