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USD/CAD balks at the idea of Trudeau departure
According to several news wire reports, the Canadian Prime Minister, Justin Trudeau is likely to tender his resignation later this week. According to some reports that resignation may come as early as today. Trudeau has been under increasing pressure since the departure of the Canadian Finance minister. The Canadian dollar seems to like the prospect of Trudeau leaving, but there is no bias expressed here on the true implications of such a move. That said, the USD/CAD is lower this morning. On Friday the USD/CAD closed in the US at 1.4447, after setting a new 52 week high at 1.4467 on December 18. The price action since this news today has seen the US dollar fall to a low at 1.4385, set not that long ago. Of course we also have to factor in; that the US dollar is lower versus Europe this morning and that might be a driver for the drop in the USD/CAD this morning. The USD/CAD is right now at 1.4387
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