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FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie," is pictured in this illustration picture taken in Toronto TORONTO (Reuters) – The Canadian dollar strengthened against its U.S. counterpart on Thursday as commodity prices climbed and investors weighed the resignation of the British prime minister. The price of oil, one of Canada’s major exports, rose in response to tighter supplies and on news that China is considering a cut in the duration of quarantine for inbound visitors. U.S. crude prices were up 2.3% at $87.50 a barrel, while the safe-haven U.S. dollar gave back some recent gains against a basket of major currencies, including sterling, as Liz Truss said she was resigning as British prime minister. Truss was brought down by an economic programme that sent shockwaves through financial markets last month. The Canadian dollar was up 0.4% at 1.3713 to the greenback, or 72.92 U.S. cents, after trading in a range of 1.3698 to 1.3806. The currency strengthened despite further evidence that the slowdown in Canada’s housing market is depressing prices. Canadian home prices tumbled by 3.1% in September from August, the largest monthly decline since the index was launched in 1999, while year-on -year price […]
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