By Chris Fournier Aug. 26 (Bloomberg) -- Canada’s dollar appreciated for a second day as an index of global stocks rose, commodities including copper and crude oil gained and the U.S. dollar fell against most major currencies. “An improvement in the global risk backdrop overnight into the North American session has the U.S. dollar weaker, along with the Japanese yen, against most majors, the Canadian dollar included,” Jack Spitz, managing director of foreign exchange at National Bank of Canada, said by phone from Toronto. “The market has been selling U.S. dollars overnight.” The Canadian currency rose 0.1 percent to C$1.0582 per U.S. dollar at 8:10 a.m. in Toronto, compared with C$1.0596 yesterday. One Canadian dollar buys 94.50 U.S. cents. The loonie, as the currency is sometimes known, dropped to C$1.0668 yesterday, the lowest point since July 6, as risk aversion drove global stocks lower and weakened the outlook for currencies tied to growth. The MSCI World Index, a gauge of equities in 24 developed nations, rose 0.5 percent after falling for five straight sessions. Crude oil for October delivery climbed 0.9 percent to $73.14 a barrel on the New York Mercantile Exchange. Crude is Canada’s largest export. Copper for three-month delivery added 1.5 percent to $7,210 a metric ton on the London Metal Exchange. The contract closed yesterday at $7,101, the lowest price since July 27. Canada generates about half its export revenue from raw materials. Canada’s dollar is down 0.4 percent this year, as a faltering economic recovery dims the chances for further Bank of Canada interest-rate increases in 2010. To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net

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