Nov. 4 (Bloomberg) -- Canada’s dollar was little changed after paring an advance as crude oil, the nation’s biggest export, retreated from its high of the day.

Bank of Canada Deputy Governor John Murray reiterated policy makers’ pledge to keep the key interest rate at a record low through June 2010. Murray, in a speech in Prince George, British Columbia, also said Canada’s dollar “has appreciated sharply.” Officials have stepped up warnings in the past two weeks that the strength of the currency, which gained 14 percent this year, threatens the nation’s economy.

The Canadian currency traded at C$1.0664 per U.S. dollar at 12:18 p.m. in Toronto, compared with C$1.0661 yesterday. It earlier gained as much as 0.6 percent to C$1.0597, the strongest level since Oct. 26. One Canadian dollar buys 93.77 cents.

“The Canadian dollar’s decline is less to do with Murray’s comments and more due to the fact that crude has been unable to sustain the post-inventory release bid,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto.

Crude oil for December delivery traded at $80.24 a barrel on the New York Mercantile Exchange, up 0.8 percent, after rising as high as 1.8 percent to $81.06 following a report showing that U.S. inventories unexpectedly dropped.

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

Last Updated: November 4, 2009 12:22 EST