Canadian dollar steadies as voters head to the polls
TORONTO, April 28 (Reuters) - The Canadian dollar was barely changed against its U.S. counterpart on Monday as oil prices fell and Canadians headed to the polls to vote in a general election that has been dominated by concerns about U.S. trade tariffs.
The loonie was trading nearly unchanged at 1.3855 per U.S. dollar, or 72.18 U.S. cents, after moving in a range of 1.3826 to 1.3892.
The Liberal Party, led by Prime Minister Mark Carney, who has emphasized his experience handling economic issues, is expected to win the most seats, according to the latest polls.
However, the race has tightened and a majority government is far from assured.
A minority government outcome could weigh on the Canadian dollar, while the currency would likely rally on a surprise victory for the main opposition Conservative Party, led by Pierre Poilievre, analysts say.
"Foreign exchange markets look remarkably unworried," Karl Schamotta, chief market strategist at Corpay, said in a note, pointing to the recent decline in USD-CAD risk reversals, or the cost of insuring against a big downside move in the Canadian dollar.
The risk of a minority government may be understated, Schamotta said, adding that such an outcome could force the victor to seek an alliance with the separatist Bloc Quebecois, complicating policy setting.
The price of oil, one of Canada's major exports, was trading 2.2% lower at $61.65 a barrel as the global trade war stoked demand fears, while the U.S. dollar lost ground against a basket of major currencies.
Canadian wholesale trade most likely fell 0.3% in March from February, with declines in five of the seven subsectors, Statistics Canada said in a flash estimate.
Canadian government bond yields were mixed across the curve. The 10-year was down about half a basis point at 3.168%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
18 minutes ago
- North Wales Chronicle
Former MP accused of cheating at gambling on general election appears in court
Craig Williams, 39, who served as the Tory MP for Montgomeryshire and Cardiff North, has been charged with cheating at gambling and three counts of enabling or assisting others to cheat. Williams, of Llanfair Caereinion, Welshpool, served as parliamentary private secretary to Rishi Sunak during his time as prime minister. At Westminster Magistrates Court on Friday, Williams appeared wearing a smart black suit and grey tie alongside 14 others charged with similar offences. Others included former Tory member of Senedd Russell George, 50, and Thomas James, 38, the suspended director of the Welsh Conservatives, both of whom indicated not guilty pleas. The charges come after 'Operation Scott' was launched to investigate gambling by politicians and employees of the Conservative Party in the lead-up to the 2024 general election. Rishi Sunak, who has provided a witness statement in this case, had noted that elections would take place in the second half of the year but had not given a date. Prosecuting on behalf of the Gambling Commission, Sam Stein KC said: 'Operation Scott was an investigation launched by the gambling commission into politicians and employees of the Conservative Party, and a former police officer … who had placed bets on the date of the 2024 general election with the benefit of confidential or insider information as to when that date might be. 'The prosecution says that placing bets with inside information is a criminal offence, namely cheating.' Williams was first the MP for Cardiff North between 2015 and 2017 before he lost his seat to Labour MP Anna McMorrin. He was then elected as the MP for Montgomeryshire at the 2019 general election which he lost in July last year. Before the July 4 election was called, planning took place at Downing Street and Conservative Campaign Headquarters, the court heard. The 15 defendants are alleged to have placed bets based on confidential information gained from those rooms, or enabling others to place bets by passing that information on. If convicted they could face up to two years in prison for these offences. Twelve of the defendants indicated not guilty pleas. On Friday, Simon Chatfield, 51, from Farnham, Surrey; Russell George, 50; Amy Hind, 34, of Loughton, Essex; Anthony Hind, 36, of Loughton, Essex; Thomas James, 38; Charlotte Lang, 36; Anthony Lee, 47; Laura Saunders, 37; Iain Makepeace, 47, from Newcastle Upon Tyne; Nick Mason, 51; Paul Place, 53, from Hammersmith, west London; and James Ward, 40, of Leeds, all indicated they would deny the charges. Former MP Williams along with Jacob Willmer, 39, from Richmond, West London, and former police officer Jeremy Hunt, 55, of Horne in Surrey, gave no indication of plea. The 15 accused gamblers will appear at Southwark Crown Court on July 11.
Glasgow Times
18 minutes ago
- Glasgow Times
Former MP accused of cheating at gambling on general election appears in court
Craig Williams, 39, who served as the Tory MP for Montgomeryshire and Cardiff North, has been charged with cheating at gambling and three counts of enabling or assisting others to cheat. Williams, of Llanfair Caereinion, Welshpool, served as parliamentary private secretary to Rishi Sunak during his time as prime minister. At Westminster Magistrates Court on Friday, Williams appeared wearing a smart black suit and grey tie alongside 14 others charged with similar offences. Williams is charged with cheating at gambling and three counts of enabling or assisting others to cheat (Yui Mok/PA) Others included former Tory member of Senedd Russell George, 50, and Thomas James, 38, the suspended director of the Welsh Conservatives, both of whom indicated not guilty pleas. The charges come after 'Operation Scott' was launched to investigate gambling by politicians and employees of the Conservative Party in the lead-up to the 2024 general election. Rishi Sunak, who has provided a witness statement in this case, had noted that elections would take place in the second half of the year but had not given a date. Prosecuting on behalf of the Gambling Commission, Sam Stein KC said: 'Operation Scott was an investigation launched by the gambling commission into politicians and employees of the Conservative Party, and a former police officer … who had placed bets on the date of the 2024 general election with the benefit of confidential or insider information as to when that date might be. 'The prosecution says that placing bets with inside information is a criminal offence, namely cheating.' Williams was first the MP for Cardiff North between 2015 and 2017 before he lost his seat to Labour MP Anna McMorrin. He was then elected as the MP for Montgomeryshire at the 2019 general election which he lost in July last year. Craig Williams served as parliamentary private secretary to Rishi Sunak during his time as prime minister (Yui Mok/PA) Before the July 4 election was called, planning took place at Downing Street and Conservative Campaign Headquarters, the court heard. The 15 defendants are alleged to have placed bets based on confidential information gained from those rooms, or enabling others to place bets by passing that information on. If convicted they could face up to two years in prison for these offences. Twelve of the defendants indicated not guilty pleas. On Friday, Simon Chatfield, 51, from Farnham, Surrey; Russell George, 50; Amy Hind, 34, of Loughton, Essex; Anthony Hind, 36, of Loughton, Essex; Thomas James, 38; Charlotte Lang, 36; Anthony Lee, 47; Laura Saunders, 37; Iain Makepeace, 47, from Newcastle Upon Tyne; Nick Mason, 51; Paul Place, 53, from Hammersmith, west London; and James Ward, 40, of Leeds, all indicated they would deny the charges. Former MP Williams along with Jacob Willmer, 39, from Richmond, West London, and former police officer Jeremy Hunt, 55, of Horne in Surrey, gave no indication of plea. The 15 accused gamblers will appear at Southwark Crown Court on July 11.
North Wales Live
22 minutes ago
- North Wales Live
Two Welsh Tory politicians accused of cheating at gambling on general election appear in court
Senior Conservatives including a former MP who was an aide of Rishi Sunak have appeared in court today (Friday) accused of cheating by gambling on the date of the 2024 general election. The charges followed a lengthy investigation. Craig Williams, 39, who served as the Tory MP for Montgomeryshire and Cardiff North, has been charged with cheating at gambling and three counts of enabling or assisting others to cheat, reports PA. Williams, of Llanfair Caereinion, Welshpool, served as parliamentary private secretary to Rishi Sunak during his time as Prime Minister. At Westminster Magistrates Court on Friday, Williams appeared wearing a smart black suit and grey tie alongside 14 others charged with similar offences. Others included former Tory member of Senedd Russell George, 50, and Thomas James, 38, the suspended director of the Welsh Conservatives, both of whom indicated not guilty pleas. The charges come after "Operation Scott" was launched to investigate gambling by politicians and employees of the Conservative Party in the lead-up to the 2024 general election. Rishi Sunak, who has provided a witness statement in this case, had noted that elections would take place in the second half of the year but had not given a date. Prosecuting on behalf of the Gambling Commission, Sam Stein KC said: "Operation Scott was an investigation launched by the gambling commission into politicians and employees of the Conservative Party, and a former police officer ... who had placed bets on the date of the 2024 general election with the benefit of confidential or insider information as to when that date might be. "The prosecution says that placing bets with inside information is a criminal offence, namely cheating." Williams was first the MP for Cardiff North between 2015 and 2017 before he lost his seat to Labour MP Anna McMorrin. He was then elected as the MP for Montgomeryshire at the 2019 general election which he lost in July last year. Before the July 4 election was called, planning took place at Downing Street and Conservative Campaign Headquarters, the court heard. The 15 defendants are alleged to have placed bets based on confidential information gained from those rooms, or enabling others to place bets by passing that information on. If convicted they could face up to two years in prison for these offences. Twelve of the defendants indicated not guilty pleas. On Friday, Simon Chatfield, 51, from Farnham, Surrey; Russell George, 50; Amy Hind, 34, of Loughton, Essex; Anthony Hind, 36, of Loughton, Essex; Thomas James, 38; Charlotte Lang, 36; Anthony Lee, 47; Laura Saunders, 37; Iain Makepeace, 47, from Newcastle Upon Tyne; Nick Mason, 51; Paul Place, 53, from Hammersmith, west London; and James Ward, 40, of Leeds, all indicated they would deny the charges. Former MP Williams along with Jacob Willmer, 39, from Richmond, West London, and former police officer Jeremy Hunt, 55, of Horne in Surrey, gave no indication of plea. The 15 accused gamblers will appear at Southwark Crown Court on July 11.
