Canada’s dollar touched the highest since November against its U.S. counterpart as investors sought riskier assets including commodity-linked currencies. “The dominant theme dictating foreign-exchange price action is still the market’s appetite for risk,” Christian Lawrence, a currency strategist in London at RBC Capital Markets, wrote in a note today. The U.S. dollar fell through “key technical support levels” against the Canadian dollar yesterday, he said. The Canadian dollar, known as the loonie for the aquatic bird on the one-dollar coin, touched C$1.1701, the strongest level since Nov. 10, and was little changed at C$1.718 per U.S. dollar at 8:05 a.m. in Toronto, from C$1.2724 yesterday. One Canadian dollar buys 85.34 U.S. cents. The U.S. dollar may depreciate and challenge “major support” at C$1.1465 against the loonie, Tom Fitzpatrick, chief technical analyst at Citigroup Inc. in New York, wrote in a note yesterday. “A break below here would suggest acceleration in Canadian dollar gains and target as far as parity again.” Support refers to the bottom end of a trading range.

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