CAD strengthened in response to new concessions made to US - TDS

Analysts at TD Securities note that the CAD strengthened ~25 pips from 1.2935 to 1.2910 in response to new concessions made to US on their protected dairy market based on Globe and Mail reports.

Key Quotes

“However, accounting for only 1.3% of the country's GDP, Canada's protected dairy market is more 'sacred' than 'economic'. Along with the new concessions made, Canada rejoined NAFTA talks ahead of this Friday's deadline for US trade deals which the US appears to be determined to seal a deal by this Friday.”