Skip to main content

The Canadian dollar edged lower against its U.S. counterpart on Wednesday, paring some of this week’s gains as investors weighed concessions that Canada would be willing to make to secure a deal on a revamped NAFTA trade pact.

Canada and United States are set to tackle their contentious issues in bilateral talks on Wednesday, as the two nations work to salvage the North American Free Trade Agreement amid signs Ottawa was open to taking a more conciliatory approach.

Canada is ready to make concessions on dairy to secure a deal, according to the Globe and Mail.

Story continues below advertisement

At 8:16 a.m., the Canadian dollar was trading 0.1 percent lower at $1.2944 to the greenback, or 77.26 U.S. cents. The currency, which notched a nearly three-month high on Tuesday at $1.2887, traded in a range of $1.2904 to $1.2950.

The modest decline for the loonie came as the U.S. dollar

got a boost from worries that the conflict over trade between the U.S. and China was not about to end soon.

The price of oil, one of Canada’s major exports, rose as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market.

U.S. crude prices were up 0.8 per cent at $69.06 a barrel.

Canadian government bond prices were mixed across the yield curve, with the two-year price flat to yield 2.148 per cent and the 10-year rising 3 cents to yield 2.318 per cent.

Canada’s gross domestic product data for the second quarter is due on Thursday.

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter