Mark Carney to unveil cupboard immediately

Canadian Prime Minister Mark Carney will unveil is cabinet today in a move that could move the Canadian dollar.

The market still isn’t sure how Carney will govern and his plan to ‘build, baby, build’ and counter US tariffs.

Early reporting said former Finance Minister and Trump-antagonist Chrystia Freeland would be left off the roster but that was quickly reversed and denied. It appears she will get a role and that’s not a big surprise given that Carney is the godfather of her son and they’ve long been close.

Carney is looking to build national bridges though and she’s carrying much of Trudeau’s baggage. It would be a poor sign if she had a high profile position like Finance Minister. I suspect that will go to former Laurentian Bank economist Carlos Leitao, who was previously Quebec’s Minister of Finance.

Another portfolio to watch is Environment. That portfolio has been a major drag on Canadian construction and investment. Eco-warrior Steven Guilbeault will reportedly remain in cabinet but if it’s in the environment file, it won’t bode well for the loonie but early indications are that it’s the Heritage file, which is also responsible for biodiversity, nature and Parks Canada.

Carney is expected to name 30 cabinet ministers overall but early reporting indicates it will be many of the same faces from the Trudeau regime, with about half being new cabinet ministers along with a roster of 10 ‘secretaries of state’ who will have portfolios but won’t participate in most cabinet meetings.

After this, the market will be watching for the opening of parliament on May 27 and the throne speech.