September 21, 2021

Justin Trudeau Wins Canadian Election, But…

 Justin Trudeau managed to retain his position as Prime Minister of Canada, but failed to secure an absolute majority in the federal election that took place on Monday.

Trudeau had announced to hold snap elections last month, hoping it could continue its agenda of increasing vaccination rates and curbing coronavirus outbreaks without needing opposition support.

However, he still failed to get a parliamentary majority. This is the second time voters have rejected him as a full -fledged regulator of the law, limiting his freedom to take big risks or unilaterally.

Local media, CBC and CTV reported that the Trudeau -led Liberal party will have a minority of seats in the House of Representatives, which means he needs the support of others to rule.

The Liberal Party won 156 seats, compared to the 170 seats needed to hold majority power in parliament. In total, the Dewan Rakyat consists of 338 seats.

The Canadian dollar rebounded from a nearly one -month low, trading 0.4% higher against the greenback dollar which had begun to show a decline ahead of the Federal Reserve (Fed) policy meeting.

The impact of the election did not much affect loonie dollar trading as investors were already expecting that Trudeau would win it.