The Canadian loonie reached its three-month high of 1.3082 per dollar when their election closed yesterday. Justin Trudeau started his second term as the Canadian Prime Minister with the minority Liberal government.
Loonie is still the best performing major currency this year. The Canadian dollar rose by about 3.7% in 10 months.
CAD/USD raised 0.05% at 0.7645 on Monday’s second half.
The currency fell 1.1% last week, touching its weakest trade at 1.3424.
At the same time, the CAD/GBP pair jumped 0.20% at 0.5906. The UK’s Parliament was due to reach a vote for the Brexit deal last week, but their indecisiveness pushed the currency lower.
Sterling stumbled down 0.11% against the American Dollar at 1.2942. Reports say the building optimism over the US-China talks brought USD up further.
The build-up also pushed USD/CNY up by 0.09% at 7.0809.
Liberals Under PM Trudeau
Modern times test Justin Trudeau’s ability to make “real change” as soon as he was elected as Prime Minister in 2015. Liberals cut the Conservatives’ power as soon as the charismatic teacher uttered his economic promises.
The 43-year-old said he would move against climate change and work nation-to-nation with indigenous people. Studies concluded he kept about 92% of his promises.
His environmental promise was cut short with his support for the Trans Mountain oil pipeline expansion project.
Several anti-Trudeau scandals emerged as soon as this year’s campaign period started.
Speculations pointed to the challenges as evidence of the Canadian loonie’s potential decline. Still, their economy continued to rise.
In his victory speech, Trudeau said Canadians voted in favor of a progressive agenda and strong action on climate change. He claimed the Liberals would make life more affordable and get guns off Canadian streets.
The prime minister said his party would continue what they began, which signaled potential pro-environment policies.
He ended his speech with a proclamation. If Canadians unite around their goal to seek “hardship for none and prosperity for all,” he said they can achieve them.