I wrote earlier that the knives were likely to come out for Canadian Prime Minister Justin Trudeau after he lost a by-election in a Liberal stronghold.
However it sounds like he will have to be dragged out kicking and screaming, or via an election that's not due until October 20, 2025.
He released a statement today that hinted he won't be leaving on his own accord.
"This was obviously not the result we wanted, but I want to be clear that I hear your concerns and frustrations... These are not easy times. And it is clear, I and my entire team, have much more hard work to do to deliver tangible, real progress that Canadians can see and feel."
"We will never stop working and fighting to make sure you have what you need to get through these tough times. My focus is on your success and that's where it's going to stay."
That can change. His father famously took a 'walk in the snow' in February 1984 and stepped down rather than leading his party into the following election. That initially appeared to work and his successor John Turner initially led in the polls but his gaffes and old Liberal scandals led to a tough loss (though not nearly as bad as the one Trudeau is facing).
The next question will be whether his party can oust him. The CBC quotes a pair of unnamed Liberal MPs who said he does.
USD/CAD is unmoved on the drama and I wouldn't expect that to change, as the market has already priced in a Liberal wipeout in 2025.
