The Canadian dollar moved higher in the foreign exchange trading yesterday (November 2nd), supported by gains in crude and other commodities.Climbing from a one-month low, the loonie - as the Canadian dollar is known - appreciated 0.7 per cent against its US counterpart after crude futures climbed more than $1 to settle at $78.13 a barrel on the New York Mercantile Exchange.Oil is Canada's largest export and the strength of its currency is closely linked to US demand for the fuel and futures prices.Jonathan Gencher, Toronto-based director of foreign exchange sales at BMO Capital, a unit of Canada's fourth-largest bank, told Bloomberg that traders were emboldened by the crude rally and were making moves away from haven assets such as the US dollar."There is a little bit of risk appetite creeping back in," he declared.However, gains were trimmed late in the day as stocks tumbled in the wake of a bearish statement on the health of the US banking system from Federal Reserve spokesperson Jon Greenlee.