The Canadian dollar had some deal optimism built in after the weekend remarks from Washington, so Carney’s comments and the Semafor report remove part of that support and leave USD/CAD sensitive to further trade headlines. A deal that eases retaliatory tariffs would still be a positive for Canadian exporters and cross-border supply chains, so any concrete breakthrough could still bring a sharp move. For oil, Canada is a major supplier of crude to the US, which keeps energy flows in focus whenever tariff talks shift. With the two governments framing progress so differently, traders are likely to want specifics before pricing a deal again.---Earlier:US and Canada working on deal to ease tariffs on Canadian steel and auto imports---Washington says a deal is close, Ottawa says it hasn’t moved an inch, and the truth probably sits somewhere in the gap between the two.Summary:Canadian PM Mark Carney says Canada has not changed its position in trade talks with the USCarney says any progress made is because the US has moved closer to Canada’s positionHe acknowledged a slight intensification in the negotiationsSemafor, citing sources, reports a US-Canada deal is likely not as imminent as US officials indicatedOn Sunday, NEC Director Kevin Hassett said negotiators were very close to a deal easing tit-for-tat tariffs, a view echoed by President TrumpHopes for a quick US-Canada trade agreement faded on Monday after Canadian Prime Minister Mark Carney said Ottawa has not changed its position in talks with Washington, and that any progress made so far reflects the US moving closer to Canada’s stance. The comments came as Semafor, citing sources, reported that a deal is likely not as imminent as US officials had suggested over the weekend.The pushback follows upbeat remarks on Sunday from Kevin Hassett, director of the White House National Economic Council, who said negotiators were very close to an agreement that would ease the tit-for-tat tariffs between the two countries. US President Donald Trump echoed that optimism.Carney struck a more guarded tone. He acknowledged a slight intensification in the talks, but framed it on Canada’s terms, saying that to the extent progress has been made, it is because the US has come closer to Ottawa’s position. He also stressed that Canada’s own stance is unchanged, a signal that his government is not preparing to make fresh concessions to get a deal over the line.Taken together, the two sides are describing the same negotiations very differently. Washington is projecting momentum, while Ottawa is emphasising that any movement has come from the US side. That gap matters because each government has domestic reasons to appear firm, and public claims of being close to a deal can be a negotiating tactic as much as a statement of fact. Semafor’s report adds weight to the view that the remaining differences are more than technical.None of this rules out an agreement. More intensive talks suggest both sides see value in reaching one, and a deal that eases retaliatory tariffs would reduce costs for businesses on both sides of a deeply integrated border. The near-term question is whether the talks produce a concrete framework or a set of specific tariff reductions, rather than further statements of optimism. Until then, markets are likely to treat claims of an imminent deal with more caution than they did over the weekend. This article was written by Eamonn Sheridan at investinglive.com.