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A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto By Fergal Smith TORONTO (Reuters) -The Canadian dollar strengthened to a near three-year high against its U.S. counterpart on Tuesday as the price of oil, one of Canada’s major exports, jumped nearly 5% and Wall Street rebounded. The loonie was trading 0.8% higher at 1.2670 to the greenback, or 78.93 U.S. cents, its biggest gain since June 1. The currency, which was pressured on Monday by a sell-off on Wall Street, touched its strongest intraday level since April 2018 at 1.2656. "The Canadian dollar took back all the losses and more from Monday’s session," said Michael Goshko, corporate risk manager at Western Union Business Solutions. The move was fueled by a "surge in oil prices, a strong move higher in broad commodities and a bounce back rally in equities." U.S. crude oil futures settled 4.9% higher at $49.93 a barrel after news that Saudi Arabia will make voluntary cuts to its oil output. Wall Street shares gained in choppy trading, as investors took advantage of the previous session’s slump to buy them back, ahead of the outcome of pivotal U.S. Senate […]
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