Canada’s dollar fell against most major currencies, trading at almost a seven-week low versus its U.S. counterpart, on reduced bets that the Bank of Canada will raise interest rates. The Canadian currency is the worst performer over the past five days among the greenback’s 16 most-traded peers. Crude oil, Canada’s largest export, dropped as low as $95.02 a barrel yesterday as risk appetite shrank, and a gauge of developed- nations stocks fell for five straight sessions before rising 0.3 percent today. “Risk appetite and commodity performance have been in focus of late, with both looking less supportive of the Canadian dollar,” said Jeremy Stretch, executive director and head of foreign-exchange strategy at Canadian Imperial Bank of Commerce’s CIBC World Markets unit in London. The Canadian currency weakened 0.2 percent to 97.44 cents per U.S. dollar at 8:13 a.m. in Toronto, compared with 97.21 cents yesterday, when it touched 97.94 cents, the lowest level since March 28. One Canadian dollar buys $1.0263 U.S. cents. Toronto-Dominion Bank’s TD Securities unit has moved back its forecast for the next Bank of Canada interest-rate increase to September, from July. David Tulk, chief Canada macro strategist at TD Securities, made the comment in a report sent to clients yesterday. The central bank’s key rate has been 1 percent since September. The Bank of Canada will wait longer because policy makers are “concerned with the risks of fiscal contraction in the United States and a deceleration in growth across emerging market economies,” the note said. Futures on crude oil rose 1.1 percent to $97.97 a barrel in New York. Futures touched $114.83 on May 2. The MSCI World Index of developed-nation stocks increased to 1,332.70. To contact the reporter on this story: Chris Fournier in Halifax, Nova Scotia, at cfournier3@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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