Looks like an election will be called when parliament returns

The Prime Minister has no immediate plans to step down over the Christmas holidays, according to the Globe & Mail, citing sources.

He leads a minority government and all the other parties have vowed a no-confidence motion that would trigger an election when parliament returns in six weeks. Conservatives have called for an even-earlier vote but in all likelihood the election will be called in late-January with a vote six weeks later.

At this point, an earlier election call is an upside risk to the Canadian dollar as the result of the vote a foregone conclusions with Conservatives way ahead in the polls.