The Canadian dollar’s slide came to a halt amid speculation the country can cope with the extra spending that may result from Justin Trudeau’s election victory.
The loonie rebounded after dropping to the lowest level in a week against its U.S. counterpart as Trudeau’s Liberal Party put an end to Conservative Prime Minister Stephen Harper’s decade-long rule by winning a surprise majority. The country’s new leader campaigned on a plan that included running C$25 billion ($19 billion) in deficits over three years to stimulate the economy with infrastructure spending, while increasing taxes on top earners and cutting them for the middle class.
“It was a little bit premature to say this was really that negative for the Canadian dollar,” said Thu Lan
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