Canada's opposition Conservatives Party concedes defeat in election


Leader of Canada's opposition Conservatives Party, Erin O' Toole, said that he has conceded defeat in the election, per Reuters.

During his public address, O' Toole warned PM Trudeau that they will be ready if there is another election to come in the next 18 months.

Market reaction

USD/CAD is falling further towards 1.2750, as the Canadian dollar firms up on Trudeau’s election win and oil-price recovery. Broad-based US dollar retreat amid improving risk appetite also adds to the downside in the spot.

The spot was last seen trading at 1.2762, down 0.48% on a daily basis.

Read: Trudeau wins third term as Canada’s Prime Minister but without a majority – CTV projects

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