Toronto, Aug 5 - The Canadian dollar - the only one among the major global currencies - is on the rampage, reaching its highest level against the US dollar in 2009 Tuesday.

The loonie, as the Canadian dollar is called, reached almost 94 cents US for the first time since October 2008, raising concern about its impact on the country's economic recovery.

As Canada is a major exporter of minerals, metal and oil and gas, the rising loonie will deter buyers, mainly the US with its sinking dollar and continuing economic crisis.

The dollar rampage forced Canadian finance minister Jim Flaherty Tuesday to warn of 'some steps that could be taken to dampen'' the rise of the currency.

The finance minister said, 'There are, from time to time, indications of some speculation in the Canadian currency that is not justified in market terms.''

Two weeks ago, the head of the country's central bank had also warned that the Bank of Canada could be forced to intervene to check the rising currency as its rise will hamper the recovery process.

The finance minister's warning earlier in the day had some impact as the Canadian dollar retreated slightly to close at 93.