By Chris Fournier July 24 (Bloomberg) -- Canada’s dollar appreciated for a sixth consecutive day against its U.S. counterpart, the longest winning streak since May 2008, as global stocks advanced amid an increase in investors’ appetite for risk. Canada’s currency, known as the loonie, is headed for a 2.8 percent gain for the past five days. That would be its second straight weekly advance, after falling for six weeks to July 10. “It’s mostly the risk environment, and the fact that the currency cheapened too much in early July,’ said Daniel Katzive, a currency strategist at Credit Suisse Group in New York. “The Canadian dollar will struggle to extend its July rally beyond current levels.” The currency rose 0.5 percent to C$1.0834 per U.S. dollar at 8:21 a.m. in Toronto, from C$1.0889 yesterday. It touched C$1.0819, the strongest since June 3. One Canadian dollar buys 92.30 U.S. cents. The loonie is the best performer versus the greenback so far this month among the 16 most active currencies, gaining 7.3 percent. It lagged behind all of them in June. Global recovery is “nascent” and the slump seems to be bottoming, Bank of Canada Governor Mark Carney said yesterday at a press conference. A stronger currency against the greenback is “an important brake” on growth, he said. The MSCI World Index of stocks rose 0.2 percent. To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net

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