TORONTO (Reuters) – Canada’s ruling Liberal Party led by Prime Minister Justin Trudeau is set to for the next government, CBC News projected on Monday, after a tight election race.

Elections Canada showed the Liberals leading in 146 electoral districts with only a small fraction of votes counted.

KARL SCHAMOTTA, CHIEF MARKET STRATEGIST, CAMBRIDGE GLOBAL PAYMENTS

“This does look like a decisive win for the Liberals that essentially preserves the status quo and ensures that the fiscal spending plans that have supported the economy for the last year and half are likely to continue and continue to support growth.”

“The more supportive fiscal policy is, the more likely the Bank (of Canada) is able to move from tapering to rate hikes in the next year and a half, and certainly that is going to support the Canadian dollar.”

(Reporting by Fergal Smith; Editing by Denny Thomas)

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