Elections in Canada: what do they mean for the CAD?

Elections in Canada: what do they mean for the CAD?

Today, the election in Canada will determine whether the Liberal Party Prime Minister Justin Trudeau or the Conservative Party leader Andrew Scheer will lead the government.

 According to analysts, the most likely scenario is a government that does not command an absolute majority. Plus, some of the experts suggest that the minority administration led by the Conservative party would be better for the Canadian dollar than the one led by Trudeau and his team. The reason behind this opinion lies in the Conservative party's promises to remove Trudeau's oil regulations. It will help to boost the CAD, as it is the commodity-linked currency.

 At the moment, USD/CAD is trading at the lowest levels since July. If the loonie is supported today, the support for the pair will lie at 1.3083. The next support will be placed at 1.3052. In case of a reversal, you need to pay attention to the 1.3132 level. The next resistance will be placed at 1.3145.

USDCADH4.png

Similar

Latest news

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera