The Canadian Dollar jumped on news of potential PM Trudeau resignation and reports suggesting President-elect Trump might temper his tariff plans.
The Canadian Dollar ( CAD ) strengthened significantly overnight following reports that Prime Minister Trudeau may resign this week. Adding to the gains, reports suggest that President-elect Trump might soften his stance on broad tariffs, as noted by Scotiabank’s Chief FX Strategist Shaun Osborne. While the CAD is experiencing short-term relief, political uncertainty remains. Should Trudeau step down, a leadership contest for the Liberals could ensue, potentially lasting up to three months.
Parliament might be suspended during this period, and opposition parties are expected to push for an election, further delaying political clarity.Technical indicators have shifted dramatically today following consolidation around the 1.44 level. Spot prices are triggering a double top pattern at 1.4465, breaking below the intervening low at 1.4335. This suggests a potential decline in the USD back to the 1.4200/10 area within the next week or two. However, it's crucial for spot losses to hold below 1.4335 for this trend to materialize
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