This is about what I'm thinking too; it won't be super-profitable for the Europeans at first, so the going will be slower, but it will be beneficial enough to maintain a presence in the area, with friendlier (or "friendlier") relations. If the first voyage does make it to Nova Scotia, that means the Wabanaki Confederacy (who have allied tribes as far south as most of OTL Maine) will be major partners, or victims, or both. Meanwhile, I would be surprised if they've even made it as far as the southern tip of Flordia within the first decade, meaning not only do they still think the route to Asia is just around the corner (unlike OTL, where Amerigo figured out the size of the landmass in 1502) but the Caribbean remains un-ravaged, with the Europeans barely aware of their existence, much less how to make them profitable. Oh, and the great civilizations of the Mississippi, Mesoamerica, and what not, have yet still to make contact with these Europeans.