By Matt Townsend Oct. 28 (Bloomberg) -- Canada’s currency depreciated against its U.S. counterpart to the lowest level in more than three weeks as declines in oil, the nation’s largest export, and global stocks damped demand for higher-yielding assets. The Canadian dollar, nicknamed the loonie after the aquatic bird on the C$1 coin, fell against 10 of the 16 most-traded currencies tracked by Bloomberg, including the yen, euro and pound. Bank of Canada Governor Mark Carney will testify in Parliament for a second day after reiterating yesterday that a strong loonie threatens the nation’s economic recovery. “It seems that a bit of risk aversion has been creeping into the market given equity finished last week on the back foot, with the weakness carrying into this week,” Jonathan Gencher, director of foreign-exchange sales at Bank of Montreal in Toronto, wrote in a note today. The loonie depreciated 0.6 percent to C$1.0714 per U.S. dollar at 8:37 a.m. in Toronto, from C$1.0647 yesterday. It touched 1.0764, the weakest level since Oct. 5. The currency, which rallied 14 percent against the greenback this year, declined 0.2 percent this month. One Canadian dollar buys 93.34 U.S. cents.

Source