“Since yesterday afternoon, the Canadian dollar has lost some of its luster,” said Alexandre Belzile, director of foreign-exchange trading at Laurentian Bank of Canada in Montreal.

The Canadian currency fell 0.3 percent to C$1.0760 per U.S. dollar at 8:20 a.m. in Toronto, from C$1.0726 yesterday. One Canadian dollar buys 92.94 U.S. cents.

The currency, nicknamed the loonie, reached the strongest level in 10 months yesterday before dropping. The decline accelerated after the Finance Minister Jim Flaherty said he was concerned about the loonie’s “rapid” advance.

A rise by the U.S. dollar against its Canadian counterpart above the C$1.0785 resistance level would signal a further weakening of the loonie to the C$1.10 to C$1.11 area, Belzile said. “Resistance” refers to the upper end of a trading range where sell orders may be clustered.