TORONTO: The Canadian dollar weakened to a one-week low against its US counterpart on Friday as investor optimism dimmed that a deal to revamp the NAFTA trade pact would be reached.
At 3:56 p.m. EDT (1956 GMT), the Canadian dollar was trading 0.5 percent lower at C$1.3050 to the greenback, or 76.63 US cents. The Canadian currency also touched its weakest intraday level since Aug. 24 at C$1.3089.
The mood of talks between Ottawa and Washington to update the North American Free Trade Agreement were soured by President Donald Trump’s comments that a pact would be on US terms while Canada stood firm against signing “just any deal.”
US Trade Representative Robert Lighthizer said in a statement that US officials would resume talks with their Canadian counterparts next Wednesday with the aim of getting a deal all three countries could sign.
Source: Brecorder
