Wednesday's Bank of Canada meeting will be important and other drivers include US Federal Reserve policy.

In the longer term, a Liberal victory could be seen as a positive, says John. He points to increased fiscal stimulus which could result in more infrastructure investment and economic growth. On the other hand, the Liberals desire to tackle climate change could hurt Canada's energy industry which in turn could hit the loonie.

So over the next one to two years, the Liberal government looks like a 'marginal negative' for the Canadian dollar, believes John.