Canada’s dollar gained for a second day against its U.S. counterpart after Group of Seven finance ministers refrained from calling for measures to stem the slide in the greenback, which has dropped 10 percent since March. The Canadian currency, nicknamed the loonie, extended last week’s gain as stocks and U.S. stock futures rose. G-7 officials reiterated in a statement Oct. 3 after meeting in Istanbul that “excessive volatility and disorderly movements” in exchange rates threaten the global recovery. The statement came at the end of a week in which global policy makers said a falling dollar risks impeding their recoveries from the recession. The G-7 statement “is not going to do much but encourage U.S. dollar sellers, as it seems that they do not believe that the U.S. dollar’s weakness is at a ‘tipping point,’” Jonathan Gencher, Toronto-based director of foreign-exchange sales at BMO Capital, wrote today in a note to clients. The Canadian currency strengthened 0.4 percent to C$1.0755 per U.S. dollar at 9 a.m. in Toronto, from C$1.0797 on Oct. 2. One Canadian dollar purchases 92.98 U.S. cents. The loonie registered the best performance last week against the U.S. dollar among the 16 most-traded currencies tracked by Bloomberg, gaining 1 percent as the International Monetary Fund raised its growth forecast for Canada’s economy. The U.S. dollar fell against 15 of the 16 currencies today. It has depreciated 13 percent against the loonie over the past six months.

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