Liberal majority government
The Conservative Party led by Stephen Harper have failed in their bid to win on an early election call. Justin Trudeau’s Liberals at last count had 184 seats and therefore a clear parliamentary majority. Although the Conservatives took 99 ridings, they will need to find a new leader, as Stephen Harper announced that he would step down as head of the party last night. The future for the leaders of the Bloc and NDP does not appear perfectly clear as of yet. On financial markets, the election does not seem to have had a substantial impact on the USD/CAD pairing. After losing a few basis points late in the day yesterday, the loonie has partially rallied this morning.
At 8:30 this morning, we’ll be keeping an eye on Canadian Retail Sales for August, expected to be up by 0.2%, as well as September U.S. Housing Starts, which are also expected to be up 1.4%.
