USD/CAD will continue to move higher in the following days

The pair will continue to move higher in the following days toward its previous low. On December 10, the trilateral economic alliance of the United States, Canada, and Mexico, signed an agreement to replaced NAFTA. NAFTA (North American Free Trade Agreement) will be replace by the USMCA (United States-Mexico-Canada) agreement. On December 19, the US Congress passed the ratified deal to US President Donald Trump. Meanwhile, Mexico and Canada are having a hard time passing the ratified deal to the General Congress of Mexico and the Canadian Parliament. Currently, NAFTA is the largest multilateral agreement in the world. However, the ongoing negotiations to finalize RCEP (Regional Comprehensive Economic Partnership) could replace NAFTA. The RCEP is composed of 10 ASEAN (Association of Southeast Asian Nation) Plus Australia, New Zealand, India, Japan, South Korea, and China.