The Canadian dollar strengthened Tuesday after Canadians voted for Liberal Party leader Justin Trudeau as the country’s new prime minister in the federal election.
The nation-wide vote, held on Monday, led to the ouster of Stephen Harper, who was running for what would have been his fourth term as prime minister.
Justin Trudeau will now become Canada’s 23rd prime minister. The Liberal party, which claimed 184 seats in the newly expanded 338-seat House of Commons, became the first ever to vault directly from third party status to government, says National Post.
The country’s new leader campaigned on a plan that included running C$25 billion in deficits over three years to stimulate the economy with infrastructure spending, while increasing taxes on top earners and cutting them for the middle class, says Bloomberg.
The Canadian dollar strengthened by 0.34% to 77.06 U.S. cents, paring a decline from Monday’s session. It traded at 76.79 late Monday in New York.
The yield on the Canadian 10-year sovereign bond rose 6.1 basis points to 1.52%, according to FactSet data.
Credit: mql5.com
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