Canadian dollar softer after Liberals storm to victory
Updated : 08:52
Canada’s Liberal leader Justin Trudeau swept to an unexpected victory, calling time on nine years of Conservative rule.
The centre-left political party had been third in the running just days ahead of Monday night’s election.
"My friends, we beat fear with hope. We beat cynicism with hard work. We beat negative, divisive politics with a positive vision that brings Canadians together," told a crowd of supporters in Montreal following news of his victory.
Trudeau, the son of a former Canadian prime minister, had pledged to run a CAD$10bn government deficit over each of the next three years in a bid to stimulate economic growth.
That weighed on the Loonie, as the country’s currency is referred to among traders, with USD/CAD finishing 0.82% higher on Monday at 1.30229.
At 43, he was set to become the country’s second youngest prime minister ever.
The withdrawal of Canadian troops from combat missions against Islamic State militants and higher taxes on the wealthy were among his campaign pledges.
The Conservatives were relegated to the opposition and the centre-leaning New Democratic Party to third place.