Nov. 3 (Bloomberg) -- Canada’s dollar advanced from near a one-month low as crude oil, the nation’s biggest export, and gold climbed.

“Risk appetite has picked up a little bit since we walked in this morning,” said Shane Enright, a currency strategist at Canadian Imperial Bank of Commerce in Toronto.

The Canadian currency, nicknamed the loonie for the image of the aquatic bird on the C$1 coin, appreciated 1 percent to C$1.0660 per U.S. dollar at 4:45 p.m. in Toronto, from C$1.0767 yesterday, when it touched C$1.0870, the weakest level since Oct. 2. It depreciated earlier today as much as 0.8 percent. One Canadian dollar buys 93.81 U.S. cents.

December gold futures climbed to a record $1,088.50 an ounce. Crude oil for December delivery gained as much as 2.1 percent to $79.77 a barrel on the New York Mercantile Exchange after earlier dropping as much as 2 percent. Raw materials including gold and crude account for more than half of Canada’s export revenue.

The loonie earlier fell against its U.S. counterpart as a wider-than-estimated loss at UBS AG pushed down stocks. Equities trimmed a retreat after Warren Buffett’s Berkshire Hathaway Inc. agreed to buy the railroad Burlington Northern Santa Fe Corp. The Standard & Poor’s 500 Index, which fell as much as 0.9 percent, was up 0.2 percent at closing.

“The market came in this morning expecting more of a risk- averse trade, and we had the news from Buffett making that big purchase, and that’s done a lot to stop the overnight rot in risk appetite,” said Shaun Osborne, Toronto-based chief currency strategist at Toronto-Dominion Bank, Canada’s second- biggest lender.

Central Bank Meetings

Canada’s dollar gained today versus 14 of the 16 most- traded currencies tracked by Bloomberg. The U.S. dollar rose against eight of them. The Canadian currency is up 14 percent this year, after losing a record 18 percent last year.

A string of central-bank decisions in the next two days followed by employment reports in both the U.S. and Canada may cause “bone-rattling turbulence” in foreign-exchange markets, David Watt, senior currency strategist in Toronto at Royal Bank of Canada, the nation’s biggest bank, wrote today in a note to clients.

“Today is more like the calm before the storm,” wrote Watt. A daily close at the end of October at C$1.0848 “provided strong confirmation of a bullish trend reversal” for the U.S. dollar versus Canada’s, he wrote.

The Federal Reserve, European Central Bank and Bank of England are scheduled to release monetary-policy decisions over the next two days. The Federal Open Market Committee will probably say tomorrow that it will keep the benchmark interest rate unchanged at a range of zero to 0.25 percent, according to all 96 economists in a Bloomberg survey.

Canadian government bonds were little changed today. The yield on the benchmark 10-year note fell one basis point, or 0.01 percentage point, to 3.43 percent, and the price of the 3.75 percent security due in June 2019 rose 7 cents to C$102.61.

To contact the reporters on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net; Matt Townsend in New York at mtownsend9@bloomberg.net

Last Updated: November 3, 2009 16:47 EST