June 17 (Bloomberg) -- Canada’s dollar touched the lowest level in almost a month as global stocks, crude oil and gold fell, signaling a turn by investors away from risk. “With lower equities comes a stronger U.S. dollar, from a risk-aversion perspective,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “A stronger U.S. dollar, given its inverse correlation to commodity markets, is seeing lower oil and gold, which is seeing some weakness in commodity currencies.” The Canadian currency depreciated 0.5 percent to C$1.1413 per U.S. dollar at 8:16 a.m. in Toronto, from C$1.1355 yesterday. It touched C$1.1425, the weakest level since May 21, when it reached C$1.1482. One Canadian dollar purchases 87.62 U.S. cents. The MSCI World Index dropped a fourth straight day, falling 0.6 percent. The measure of stocks in 23 developed nations has rallied 23 percent in three months. “All major equity indexes are due for a corrective move lower,” said Spitz. “And that has a cause and effect in currency markets likely to make the U.S. dollar rebound.” Crude oil for July delivery dropped 1.1 percent to $69.70 a barrel on the New York Mercantile Exchange. Bullion for immediate delivery declined 0.6 percent to $929.07 an ounce. Raw materials account for more than half of Canada’s export revenue.

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