Canadian PM Trudeau set to announce resignation before national caucus meeting on Wednesday

Dhwani Mehta FXStreet

Citing three sources, a Canadian news outlet, The Globe and Mail, reported on Sunday that Prime Minister (PM) Justin Trudeau will likely announce as early as Monday that he will resign as Liberal Party Leader.

The sources said that the timing of Trudeau’s announcement is not definitely known but said they expect it will happen before a key national caucus meeting on Wednesday.

The three sources added that they are unsure about what the Liberal Party national executive plans to do to replace Mr. Trudeau as leader.

However, a fourth source said they believed that Mr. Trudeau would stay in his position until a new leader was chosen.

This comes “as the Prime Minister faces a caucus revolt and dismal public opinion polls that show his party will likely be swept out of power by Pierre Poilievre’s Conservatives in a landslide victory,” the Canadian news agency reported.

Market reaction

USD/CAD sheds 0.35% on the day on the following headlines, breaching the 1.4400 level amid renewed strenth in the Canadian Dollar (CAD).

Canadian Dollar PRICE Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.03%	-0.11%	0.33%	-0.37%	-0.20%	-0.11%	0.02%
EUR	0.03%		-0.08%	0.34%	-0.27%	-0.13%	-0.03%	0.09%
GBP	0.11%	0.08%		0.00%	-0.19%	-0.05%	0.05%	0.17%
JPY	-0.33%	-0.34%	0.00%		-0.69%	-0.51%	-0.41%	-0.08%
CAD	0.37%	0.27%	0.19%	0.69%		0.09%	0.22%	0.37%
AUD	0.20%	0.13%	0.05%	0.51%	-0.09%		0.10%	0.22%
NZD	0.11%	0.03%	-0.05%	0.41%	-0.22%	-0.10%		0.12%
CHF	-0.02%	-0.09%	-0.17%	0.08%	-0.37%	-0.22%	-0.12%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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