07:52 AM EST, 01/09/2025 (MT Newswires) -- The resignation of Canadian Prime Minister Justin Trudeau on Monday didn't have a major effect on the Canadian dollar (CAD or loonie), noted UBS.

The bank doesn't expect major swings either as Canada heads into new parliamentary elections.

USDCAD has come down from highs along with the broader US dollar (USD) reversal, stated UBS. United States macroeconomic data and President-elect Donald Trump's post-inauguration actions will be in the driver's seat in the upcoming weeks.

The bank continues to see USDCAD moving lower in 2025 and expects it to revisit 1.41 by the end of March.