The Canadian dollar wobbled after Justin Trudeau was declared prime minister. Traders soon got over it.
International investors in Asia were given the first opportunity to pass judgement on the man and the party that more than 6.9 million Canadians chose to lead them. The loonie fell initially against the U.S. dollar, a knee-jerk response to Trudeau’s pledge to run small deficits in order to spend extra on infrastructure. Those doubters only created a buying opportunity for anyone with a less jaundiced view of government’s role in the economy. By the start of the trading day in Toronto, the Canadian currency had rallied. The Liberal Party’s platform included some of the best contemporary thinking on how best to confront an era of economic stagnation. The majority Trudeau won on Oct. 19 will ensure those ideas become policy without delay.
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