What Trudeau’s resignation means for USD/CAD?
Canada's Prime Minister Justin Trudeau is reportedly expected to announce his resignation this week, with Reuters suggesting the announcement could come as early as today.
Trudeau's departure would leave the Liberal Party without a permanent leader, as polls indicate the party is at risk of a significant loss to the opposition Conservatives in an election required by late October.
In the forex market, USD/CAD fell from the January high at 1.4460 when the resignation rumors began. A move above the 100- and 200-hour moving averages at 1.4390 might signal a reversal in buyer momentum and a stronger bullish bias. The range low at ~1.4335 is potentially another key level to watch for this pair.
Trudeau's departure would leave the Liberal Party without a permanent leader, as polls indicate the party is at risk of a significant loss to the opposition Conservatives in an election required by late October.
In the forex market, USD/CAD fell from the January high at 1.4460 when the resignation rumors began. A move above the 100- and 200-hour moving averages at 1.4390 might signal a reversal in buyer momentum and a stronger bullish bias. The range low at ~1.4335 is potentially another key level to watch for this pair.
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