Canada’s dollar appreciated for a fifth straight day, touching the highest level since Oct. 9, as its U.S. counterpart tumbled. The Canadian currency, known as the loonie, strengthened 1.1 percent to C$1.1246 per U.S. dollar at 9:07 a.m. in Toronto, compared with C$1.1374 yesterday. It touched C$1.1205, the strongest in seven months. One Canadian dollar purchases 88.92 U.S. cents. “The extent of the rally is quite astonishing,” said Matthew Strauss, a senior currency strategist at RBC Capital Markets in Toronto. “If U.S. dollar weakness continues, it could have far-reaching implications not only for the Canadian dollar, but for currencies across the world.” Canada’s dollar was headed for a 4.5 percent gain this week, the most since the last five days in October, as its U.S. counterpart fell against other major currencies on speculation the country may lose its AAA credit rating. The Dollar Index, used by the ICE to track the U.S. currency versus the euro, yen, pound, Swiss franc, Canadian dollar and Swedish krona, declined 0.5 percent to 80.102 after dropping to 80.088, the lowest this year. Pacific Investment Management Co.’s Bill Gross said yesterday the U.S. will “eventually” lose its AAA credit rating. The loonie extended gains after Statistics Canada said the nation’s retail sales rose for a third straight month in March. Overall sales advanced 0.3 percent to C$33.9 billion ($30 billion). Economists expected a 0.5 percent increase in March, based on the median of 21 estimates.

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