FX Action: USD-CAD
FX Action: USD-CAD has been range bound since the start of the overnight Asian session, moving between 1.3109 and 1.3088 at the North American open, and above the three-month low of 1.3071 seen on Tuesday. There was very little market reaction to Trudeau's re-election, despite the potential that the new minority government may lack the power to push through energy infrastructure programs, including a key oil pipeline to the west coast. Some have downplayed this aspect, largely because the Liberals maintained more seats than expected, reducing the chances that one of the smaller parties can bring down the government. For USD-CAD, analysts look for consolidation near trend lows for now, following two weeks of sharp losses.