TORONTO - The Canadian dollar held near a three-month high on Tuesday as the market took in stride the prospect of a re-elected Liberal government, although some investors worried about the Liberals’ need to rely on a left-leaning opposition party for support.
A minority government leaves Trudeau in a weakened position and needing the support of a party such as the New Democrats to push through key pieces of legislation. The loonie has been the top-performing G10 currency this year, up more than 4% against the greenback. “In this scenario, pipeline approval would likely have a tough time passing, putting further pressure on Canadian energy stocks,” Archibald added.
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