Canadian dollar tops $1.08

TORONTO, Nov. 6 (UPI) -- The Canadian dollar rose above $1.08 Tuesday to finish at a record $1.0852, up 1.34 cents.

The advance coincides with a run-up in the price of crude oil, which closed up $2.72 to $96.70 a barrel on the New York Mercantile Exchange, and gold, which surged $12.70 to close at $820.80 an ounce, the highest level in more than 27 years.

The Canadian dollar "is grossly overvalued and investors looking to take advantage of this (appreciation) should move quickly," ScotiaMcLeod investment executive Andrew Pyle said in a note.

In the meantime, the currency -- nicknamed the loonie because the Canadian dollar coin the bears an image of a common loon, a well-known Canadian bird, on its reverse side -- could hit $1.12, Bank of Nova Scotia forecast.