By Chris Fournier Oct. 30 (Bloomberg) -- Canada’s dollar fell against its U.S. counterpart as oil and global stocks dropped before a report forecast to show that the nation’s economy expanded. The Canadian currency, nicknamed the loonie, is headed for its second straight weekly decline, falling 1.5 percent since Oct. 23, as investors sell higher-yielding currencies on speculation central banks may withdraw stimulus measures that have aided a global recovery. The dollar touched the lowest level in almost a month yesterday. “The market seems a little on the defensive this morning after another turbulent week,” said Steve Butler, director of foreign-exchange trading in Toronto at Scotia Capital Inc., a unit of Canada’s third-largest bank. “The split decision over the U.S. dollar here will keep the market looking to equities for direction today.” The Canadian currency fell 0.5 percent to C$1.0713 per U.S. dollar at 7:56 a.m. in Toronto, from C$1.0655 yesterday, when it reached C$1.0821, the weakest level since Oct. 5. One Canadian dollar buys 93.35 U.S. cents. Canada’s gross domestic product grew 0.1 percent in August, from unchanged in the previous month and 0.1 percent expansion in June, according to the median forecast of 23 economists in a Bloomberg News survey. Statistics Canada is due to release the report at 8:30 a.m. in Ottawa.

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