So Canada used to have a party called the Conservative Party (they do now too again). They wanted a guy named John Bracken who was Premier of Manitoba under the Progressive party of Manitoba to be leader. He wouldn't agree until they put Progressive in their name. So they did and Conservative Party became the Progressive Conservative Party until they merged with the Reform Party and went back to being called the Conservative Party. Some provinces still have a PC party.

Here and now is a different place and time than when that political party was named during the merger of the Progressives and the Conservatives in an effort to defeat the incumbent Liberals. Being a "liberal" was a term for a supporter of the right-wing moneyed establishment at the time because of their demand for laissez-faire economics and reciprocity in international trade. A lot can change over a century.