Skip to main content

Canadian dollarsJONATHAN HAYWARD/The Canadian Press

The Canadian dollar was higher Thursday, as oil prices turned lower while the greenback was generally lower after the U.S. Federal Reserve promised to be "patient" in determining when to raise its key interest rate.

The loonie was off the session's high but still ahead 0.23 of a cent to 86.15 cents (U.S.) near midday Thursday, a day after the Fed ended its latest interest rate meeting.

It has been generally expected the Fed will move to hike rates sometime next year, around mid-2015. But a series of strong economic data points, including November's blowout employment report, had suggested the Fed could move to increase rates sooner than expected.

On Wednesday, Fed chair Janet Yellen said she foresaw no rate hike in the first quarter of 2015. The Fed also said that the timing of such increases depends on economic data.

Oil prices ticked lower following two days of gains as the market continues to sort out a huge supply/demand imbalance that has cut prices by almost 50 per cent since summertime highs. The January crude contract on the New York Mercantile Exchange fell 95 cents to $55.52.

Metals were mixed with March copper down two cents to $2.85 a pound while February gold gained $36.31 to $1,250.19 an ounce.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 5:54am EDT.

SymbolName% changeLast
CADUSD-FX
Canadian Dollar/U.S. Dollar
-0.32%0.73468

Interact with The Globe