Canadian Dollar Hits 4-Month High on Trade Deal to Replace Nafta
- Loonie pares 2018 decline versus greenback; Mexican peso rises
- Currencies reacting as deal was seen as hard to reach: Mizuho
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The Canadian dollar reached its strongest level in four months as the nation joined the U.S. and Mexico in a trade deal to replace the North American Free Trade Agreement.
The loonie appreciated about 0.8 percent and touched as strong as C$1.2787 against the greenback, while Mexico’s peso rose for a fourth day. The new trade deal will be called the U.S.-Mexico-Canada Agreement, or USMCA, according to a joint statement from U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland.