By Chris Fournier Oct. 10 (Bloomberg) -- Canada's dollar fell for a seventh day on speculation global credit market losses will deepen, encouraging investors to take refuge in the U.S. dollar. The Canadian currency briefly pared its loss after the government reported that the economy gained more jobs last month than economists forecast. ``People are ignoring the underlying data and dwelling on the uncertainty for the global economy,'' said Millan Mulraine, an economics strategist at TD Securities in Toronto. ``We should expect that to continue.'' The Canadian dollar dropped 0.7 percent to C$1.1585 per U.S. dollar at 7:23 a.m. in Toronto, from C$1.1501 yesterday. One Canadian dollar buys 86.32 U.S. cents. The economy added 106,900 jobs last month after a gain of 15,200 positions in August, Statistics Canada said today in Ottawa. The median forecast of 20 economists surveyed by Bloomberg News was for an increase of 10,000 in September. Canada's unemployment rate held at 6.1 percent. The Bank of Canada joined the Federal Reserve, the European Central Bank and other global counterparts on Oct. 8 in reducing interest rates to ease the financial crisis. The Canadian target lending rate was cut to 2.5 percent from 3 percent. The Bank of Canada next meets Oct. 21. Canada's dollar has weakened 12 percent since Sept. 26 as turmoil in global financial markets prompted investors to seek the relative safety of U.S. government debt. To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net

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