Canada’s currency climbed for a third day, appreciating to the strongest level in two months against its U.S. counterpart, as crude oil traded above $50 and commodities including natural gas, copper and nickel rose. “The Canadian dollar is on top of the leader board,” said Sacha Tihanyi, Toronto-based currency strategist at Scotia Capital Inc., a unit of Canada’s third-biggest bank. “New Zealand and Australia are part of the commodity block, and they’ve also done extremely well. Oil and general commodities are providing a boost to those three currencies.” The Canadian dollar rose 0.5 percent to C$1.1826 per U.S. dollar at 10:52 a.m. in Toronto, from C$1.1890 yesterday. The currency earlier touched C$1.1762, the strongest since Nov. 10, when it reached C$1.1657. One Canadian dollar buys 84.56 U.S. cents. Crude oil for February delivery climbed 0.9 percent to $49.24 a barrel on the New York Mercantile Exchange, after reaching as high as $50.47. Crude is the largest component of the Bank of Canada’s Commodity Price Index, accounting for 21 percent. Natural gas for February delivery rose 1 percent to $6.14 per million British thermal units. The Reuters/Jefferies CRB Index of 19 raw materials climbed to 241.91, the strongest since Nov. 28. Among the Group of 10 nations, Canada, New Zealand and Australia have the best performing currencies so far this month against the U.S. dollar, gaining 3 percent, 1.9 percent and 1.4 percent, respectively. Commodities account for 60 percent of Australia’s exports, 70 percent of New Zealand’s and half of Canada’s. The yield on the two-year Canadian government bond rose one basis point, or 0.01 percentage point, to 1.16 percent. The price of the 2.75 percent security due in December 2010 slipped 2 cents to C$102.96.

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