Canada’s dollar rose the most in more than a week as stock gains spurred speculation the recession is easing and crude oil and copper rallied, burnishing the appeal of commodity-linked currencies. Crude traded near the highest level since November as rebels in Nigeria threatened to block waterways used for exports of the fuel. Raw materials accounted for 56 percent of Canada’s export revenue last year. “With the recovery scenario coming back in the U.S., that’s going to help the Canadians,” said Alan Kabbani, a senior currency trader at Wachovia Corp. in Charlotte, North Carolina. “People are more willing to get into the commodity currencies.” The Canadian dollar will probably rise to C$1.1480, he said. Canada’s currency, known as the loonie, appreciated 1.1 percent to C$1.1648 per U.S. dollar at 3:12 p.m. in Toronto, from C$1.1776 on May 15. It gained as much as 1.43 percent, the biggest intraday increase since May 8. One Canadian dollar buys 85.86 U.S. cents. Today is a holiday in the nation, Victoria Day. The Standard & Poor’s 500 Index increased 2.6 percent. The 30-day correlation coefficient between the stock gauge and the Canadian dollar was 0.79. A reading of 1 would indicate they move in lock step. Crude oil for June delivery climbed 5 percent to $59.15 a barrel, and copper futures for July delivery rose 2.4 percent. The Movement for the Emancipation of the Niger Delta said in an e-mailed statement that ships moving through the southern part of the nation would be traveling at their own risk. It claimed responsibility yesterday for rupturing two pipelines supplying oil and natural gas to domestic refineries and power stations.

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