The no confidence vote in Prime Minister Stephen Harper's Canadian government is expected to start momentarily. Just like two days ago when Portugal fell, this event will likely be seen as a buying opportunity of both the USDCAD and the CADUSD. After all - there are trillions in excess liquidity sloshing around which must be put to use even if in mutually offsetting trades. Follow the event live at the following webcast from CTV.
As a reminder, from CBC.CA, here is what is going on in the northern neighbor.
The federal government is expected to fall from power Friday afternoon, with opposition MPs saying they'll vote to show they've lost confidence in the Conservatives.
The Liberal Party gave notice earlier this week they'll put forward a motion of non-confidence in Prime Minister Stephen Harper and his government. If it passes, the government will fall and Canadians will head to the polls.
The motion says the House agrees with a committee report tabled earlier this week that found the government in contempt of Parliament, "which is unprecedented in Canadian parliamentary history, and consequently the House has lost confidence in the Government."
It comes after Liberal Leader Michael Ignatieff, NDP Leader Jack Layton and Bloc Québécois Leader Gilles Duceppe said their parties wouldn't vote in favour of the federal budget tabled Tuesday. The government can fall if they lose either vote.
Ignatieff will kick off the debate on the motion at 10 a.m. The NDP hasn’t decided yet whether Layton will speak to the motion, although Layton and Duceppe said Wednesday their parties would vote with the Liberals on their motion.
The vote is expected to come around 1:30 p.m. ET. If the government loses the vote, Harper will go to Gov. Gen. David Johnston some time over the weekend to ask him to dissolve Canada's 40th Parliament, something that’s expected to happen Saturday morning.
Just before the vote, the procedure and House affairs committee is scheduled to meet behind closed doors from 12 to 1 p.m. They're debating whether to find International Cooperation Minister Bev Oda in contempt of Parliament after she couldn't explain how the word "not" ended up on a funding recommendation from her agency's staff. The committee is supposed to report back by Friday, but debate on whether the House agrees with the report wouldn't come for at least two business days.
Earlier this week, the procedure and House affairs committee tabled a report that said the government is in contempt of Parliament for refusing to supply enough information on the cost of the F-35 fighter jets, their justice system reforms and their projections for corporate profits and tax rates. The Conservative MPs on the committee attached a dissenting minority report. Debate on that report has started, but the Conservatives control when it will continue. They have until Wednesday to allow debate to finish, and can put off the vote on the report until the following Wednesday.
All four parties in the House have engaged in procedural wrangling as they march closer to voting on a confidence motion that could bring down the government.