Canada’s currency gained for a second day against its U.S. counterpart as global stocks advanced and crude oil climbed above $60 a barrel, burnishing the appeal of commodity-linked currencies. “It’s all part of the recovery story,” said Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London. “I see the Canadian dollar appreciating pretty sharply in the next year or so. If you do get U.S. dollar weakness, you’re going to get higher commodity prices.” The Canadian dollar strengthened 0.5 percent to C$1.1577 per U.S. dollar at 8:14 a.m. in Toronto, from C$1.1635 yesterday. The currency touched C$1.1548, the strongest in a week. One Canadian dollar buys 86.38 U.S. cents. The MSCI World Index, a benchmark gauge for 23 developed markets, advanced 1.2 percent. Crude oil for June delivery climbed as much as 2.5 percent to $60.48 a barrel on the New York Mercantile Exchange, the highest since Nov. 11. Commodities accounted for 56 percent of Canada’s export revenue last year.

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