What's good for Ford may also be good for General Motors and Chrysler, Canada-wise.

The Canadian Auto Workers have voted to ratify a three-year contract with Ford, a pact the union expects General Motors (NYSE: GM) and Chrysler to match, The Associated Press reported Monday.

The deal, which freezes wages and reduces vacation pay but avoids changes to base wages, was approved by 78% of the membership.

Ford (NYSE: F)'s shares fell 2 cents to $8.23 on the news during Monday morning trading.

Economist Richard Felson told BloggingStocks Monday the deal, in his interpretation, represents "a qualified win for both sides. The Canadian workers got most of what they wanted, which mainly was an avoidance of the two-tier wage system that Ford is implementing in the United States," Felson said. "But Ford also got the wage freeze and vacation changes critical to bringing Canadian labor costs down."

Further, while both GM and Chrysler, which are set to begin talks with the CAW, may initially view the Ford deal less-favorably, Felson said he expects both to negotiate similar deals with the CAW.

"The downside is GM and Chrysler accepting a deal that's slightly more generous than they'd want to offer," Felson said. "But the upside is avoiding a major production shut-down during a critical transition period for the automakers, as they adjust their fleets to compete better with more-efficient foreign vehicles."