USD/CAD up 20 pips to 1.3037
The Canadian dollar is under some pressure after TV networks declared the Liberals will win today's election, taking power from Stephen Harper's Conservatives after 10 years in power.
The Liberals are leading in 118 ridings and need 170 for a majority. There are still 137 ridings that are in the central/west of the country and haven't yet reported.
USD/CAD rose to a one-week high after the results on broad, albeit moderate, Canadian dollar selling.
The Liberals aren't a radical party or departure from the Conservatives. They've pledged to run deficits for three years compared to the balanced budgets from Harper. That's more-simulative on the margin but not hugely.
As always, the Canadian dollar will be at the mercy of commodities.
