The Canadian dollar was flat after Mark Carney and the Liberals secured a fourth term on Monday. The loonie has performed well against the US dollar this year amid a broader weakening in the greenback. Can another Liberal government support the loonie’s upward trajectory against the buck?

Carney’s Grits won 168 seats, a few votes shy of forming a majority government. The Conservatives added to their total with 144 seats.

The separatist Bloc Québécois lost several seats and will now have 23 in the House of Commons. The hard-left New Democratic Party lost 17 seats and now sits with seven and has lost official party status. The Green Party will have one seat in Parliament.

While the Liberals will have a fourth mandate, the prime minister-designate will have a fragile government as the Conservatives and the Bloc could unite to take down the Grits.

Still, these are early days in the new government, and now political and economic observers will monitor how Carney handles the situation with the United States.

Carney pledged to “represent everyone” in Canada. “Millions of our fellow citizens preferred a different outcome,” he told a crowd in his victory speech. “Let’s put an end to the division and anger of the past. We are all Canadian.”

“America wants our land, our resources, our water, our country,” Carney said. “These are not idle threats. President Trump is trying to break us so that America can own us. That will never, ever happen.”

It will be relatively quiet on the data front this week, with the February and March GDP numbers set for release on Wednesday. Early numbers suggest the Canadian economy was flat in February and contracted 0.6% last month.

Canadian government bonds were up across the board in the election aftermath.

The USD/CAD currency pair rose 0.04% to 1.3836, from an opening of 1.3829, at 13:28 GMT on Tuesday. The GBP/CAD declined 0.18% to 1.8560, from an opening of 1.8593.