A Spanish Commonwealth?

What if Spain's overseas colonies remained loyal to the crown, later gain independence, but retain Spain's monarchy in the manner that Britain's colonies (mostly) did, as head-of-state? Would the interconnected Latin American colonies confederate and unite like Canada? I'm guessing some would still rebel and become republics.
 
Me thinks we need two PODs:
One of them, have a Spanish monarch open to the idea of a constitutional monarchy. At first glance, this requires a personality transplant. But, since we can be talking about children, maybe different political experiences and education can make them lean in that direction.

The second one, I think, it's preventing the Peninsular War so there is less impetus for rebellion overseas.
 
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