Canada's Dollar Falls to Lowest in 3 Weeks as Stocks, Oil Sink

By Chris Fournier

Nov. 20 (Bloomberg) -- Canada's currency fell to the lowest in more than three weeks as global stocks declined and the outlook for commodities such as crude oil deteriorated.

``Weak equities and weak crude'' are driving the currency down today, said Firas Askari, head currency trader in Toronto at BMO Nesbitt Burns, a unit of Canada's fourth-largest bank.

Canada's dollar weakened as much as 0.4 percent to C$1.2597 per U.S. dollar, from C$1.2547 yesterday. It traded at C$1.2585 at 7:47 a.m. in Toronto. The currency reached C$1.2870 on Oct. 29. One Canadian dollar buys 79.48 U.S. cents.

The MSCI World Index of stocks in 23 developed nations fell as much as 2.2 percent to 803.37, the lowest in more than five years. Crude oil, which accounts for a tenth of Canada's export revenue, declined 2.4 percent to $52.32 a barrel.

To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net