Canada's main stock index fell on Monday and the loonie notched a near three-week high, as investors weighed the uncertain timing of a potential shift in Canadian political power after Prime Minister Justin Trudeau announced plans to resign.

The Canadian dollar was rising following media reports that Canada's Prime Minister Justin Trudeau could announce he will resign, potentially as early as Monday. The appreciation is modest, however, compared with the currency's sharp depreciation in December,

The prime minister’s resignation marks both the end of a political era and the beginning of a potentially dramatic reshaping of the nation’s economy.