By Chris Fournier Nov. 20 (Bloomberg) -- Canada’s dollar depreciated for a fourth straight day, the longest losing streak in more than two months, as global stocks and crude oil dropped and the U.S. dollar rose against all of its major counterparts. “Equities are continuing yesterday’s sell-off,” said Michael Leavitt, a Montreal-based institutional-derivatives broker at MF Global Canada Co. “Crude coming off more than $3 in two days is also pressuring the Canadian dollar.” The Canadian currency declined 0.7 percent to C$1.0712 per U.S. dollar at 8:12 a.m. in Toronto, from C$1.0637 yesterday. It touched C$1.0733, the lowest since Nov. 9. One Canadian dollar buys 93.35 U.S. cents. The MSCI World Index, a gauge of equities in 23 developed nations fell 0.5 percent after a 1.7 percent tumble yesterday. Crude for December delivery dropped 1.3 percent to $76.42 a barrel on the New York Mercantile Exchange. It traded as high as $80.33 a barrel two days ago. Crude is Canada’s largest export. “Equities will continue to be pressured for the next three days,” said MF Global’s Leavitt. “With next week’s holiday in the U.S., we could see exaggerated moves in thinner markets.” Nov. 26 is the Thanksgiving holiday in the U.S. Canada’s dollar will strengthen to C$1.04 by the end of the first quarter, according to the median forecast of 37 economists and analysts surveyed by Bloomberg News. The currency has appreciated 14 percent this year. To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net

Source