NDP wins majority in Alberta election - TV networks
Canadian oil producing province of Alberta elects left-wing government.
TV networks are declaring an New Democratic Party majority. It looks like a rout and it will end the 43-year reign of the Progressive Conservatives in the province. At the start of the election, the Conservatives were way ahead but they've crashed over the past month.
The NDP pledged to raise taxes on corporations, high earners and may raise royalties on oil companies. It will mean less investment in Canada's oil patch and the country as a whole. The national election is in the Fall and it could point to a swing to the left at that point as well.
The market has been slow to react to this but expect the Canadian dollar to weaken as markets digest the news. I think it could take until Canadian traders roll in tomorrow but it will be a factor in the day ahead.