A new trade agreement between the United States and Canada could be finalized as early as next week, according to US Ambassador to Canada Pete Hoekstra. In comments reported by The Toronto Sun, Hoekstra expressed optimism about the current state and future of US-Canada relations.
“I am optimistic about where this relationship is, and I’m more optimistic about where I believe this relationship is going,” Hoekstra stated.
Multiple Canadian government sources echoed his sentiments, indicating that a trade deal could be reached before the G7 Summit, scheduled for June 15. “It will happen before the G7, perhaps as early as next week,” one source confirmed. Another added, “Ottawa knows what they need to do,” suggesting progress in negotiations following discussions with Hoekstra.
Market Reaction
In currency markets, the USD/CAD pair remained relatively flat on the day, hovering near 1.3720 at the time of reporting. The Canadian Dollar showed limited reaction, as traders appeared to await further confirmation and details of the potential agreement. The US Dollar‘s broader rebound may also be tempering any CAD gains.
With the G7 Summit approaching and diplomatic optimism rising, market participants are closely watching for formal announcements on the trade deal, which could significantly influence North American economic and investment outlooks.
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