Canadian Dollar and Mexican Peso Fall on Nervousness Over Nafta

Canadian Dollar and Mexican Peso Fall on Nervousness Over Nafta

The Canadian dollar and Mexican peso are getting whacked following a Reuters report suggesting Canada is convinced President Donald Trump will pull the U.S. out of the North American Free Trade Agreement.

The fifth round of renegotiations concluded in late November with US Trade Representative Robert Lighthizer observing "no evidence that Canada or Mexico are willing to seriously engage on provisions that will lead to a rebalanced agreement".

Prime Minister Justin Trudeau speaks during a town hall in Halifax on Monday, January 16, 2017.

The rate on Canada's two-year government bonds declined seven basis points to 1.73 per cent, dropping from a six-year high reached Tuesday.

The U.S. dollar was up 0.9% against the Canadian dollar to 1.2593, on track for its biggest daily gain since October.

But there's more to a NAFTA withdrawal than a Presidential declaration.

Canadian officials hinted they would also view such a declaration as a negotiating tactic to try and win concessions, rather than a serious plan to yank America out of NAFTA.

Though Trump has repeatedly threatened to withdraw from NAFTA, one of the Canadian officials who spoke with the Post Wednesday noted that Trump avoided repeating the threatin his most recent remarks about the trade deal.

But at the same time, Canada and Mexico have rejected most of the USA proposals for NAFTA reforms, Reuters said.

Negotiations are due to wrap up at the end of March.

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