TORONTO (Bloomberg) — Canadian stocks notched a third week of gains, as raw-materials producers including Goldcorp Inc. and LionOre Mining International Ltd. extended a rally alongside prices of gold and nickel.The market was little changed as industrial companies declined on concern the North American economy is slowing.

“The market wants to go higher, though it’s beginning to look a little stretched,” said John Johnston, who helps manage about $2.2 billion as chief strategist at RBC Dominion Securities Inc.’s The Harbour Group in Toronto. “People are taking a chance to make their year look better. They’re optimistic that the global economy is strong enough to weather an American slowdown.”

The Standard & Poor’s/TSX Composite Index added 2.1 percent this week, the third straight and the biggest weekly advance since July. Yesterday the benchmark slipped 13.82, or 0.1 percent, to 12,631.08 in Toronto.

The S&P/TSX climbed to an intraday high of 12,663.10 earlier in the day in trading that was slower than normal as stock exchanges in the US, which were closed yesterday for the Thanksgiving holiday, ended trading three hours early yesterday.

Gold rose 1.2 percent to $637.25 an ounce yesterday as the dollar fell to a 19-month low against the euro, spurring demand for bullion as an alternative investment. It notched a 2.8 percent gain this week.

The US currency declined to the lowest since February, 2005 as the economy of the 12-nation euro region is poised to expand at its fastest pace in six years, fuelling speculation the European Central Bank may raise interest rates.

Canada’s dollar climbed the most in more than a month after the federal government yesterday doubled its budget surplus forecast for the year amid revenue windfalls stemming from the largest oil reserves outside of the Middle East.

Goldcorp, Canada’s second-largest miner of the precious metal, increased 77 cents to C$32.07. The stock has gained 6.9 percent this week. Larger rival Barrick Gold Corp. added 33 cents to C$33.52. Barrick is the world’s biggest bullion producer.

A gauge of raw-materials shares, which includes the gold miners, added 0.2 percent today to extend its weekly advance to 4.9 percent. Nickel rose to its highest since at least 1987.