By Chris Fournier Dec. 9 (Bloomberg) -- Canada’s currency fell for the first time in three days on speculation the central bank will lower its target lending rate to a half-century low today. The Bank of Canada will cut borrowing costs by 50 basis points, or a half-percentage point, to 1.75 percent, the lowest level since 1958, according to the median forecast of 23 economists in a Bloomberg News survey. The decision is due at 9 a.m. Toronto time. “I’m hoping they go 75 basis points,” said Steven Butler, director of foreign-exchange trading at Scotia Capital Inc. in Toronto. “Everyone needs to be aggressive, and I believe the bigger the better.” The Canadian dollar depreciated as much as 0.8 percent to C$1.2597 per U.S. dollar, from C$1.2502 yesterday. It traded at C$1.2591 at 7:49 a.m. in Toronto. One Canadian dollar buys 79.40 U.S. cents. The European Central Bank cut its main refinancing rate by 0.75 percentage point to 2.5 percent on Dec. 4, the biggest reduction in its 10-year history. The Bank of England that day lowered its rate by one percentage point to 2 percent. Canada’s decision comes one week before the U.S. Federal Reserve’s next meeting, followed by the Bank of Japan. To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net

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