The Canadian dollar climbed against its US counterpart for the first time in four days yesterday (September 28th) as equities recovered from weakness seen last week.The loonie, as the Canadian dollar is known, is closely tied to fluctuations in equities and commodities such as oil and the currency suffered last week as both stocks and crude futures tumbled.Concerns about the currency were also raised after Bank of Canada governor Mark Carney suggested that a stronger Canadian dollar would be an impediment to swift economic recovery.Sterling also nosedived last week after similar statements from Bank of England governor Mervyn King warning that a stronger pound would constrict revenues from exports.In email correspondence with Bloomberg, Matthew Perrier, a director of foreign exchange in Toronto at BMO, had this advice for traders: "The recommendation is that longer-term hedgers at least look at hedging some of their exposure with the loonie around 91 cents."