TORONTO _ The Canadian dollar moved lower Thursday, giving up some of the strong advance of the previous session as oil prices resumed sliding towards the US$40 a barrel level.
The loonie was down 0.78 of a U.S. cent to 78.77 cents.
Canada's dollar had jumped more than 1 1/4 cents Wednesday, while the greenback weakened ,after the U.S. Federal Reserve wrapped up its interest rate meeting by announcing it was dropping its reference to a ``patient'' approach to raising rates.
But it also emphasized that it will wait to hike rates until it has ``seen further improvement in the labor market and is reasonably confident that inflation will move back to its two per cent objective over the medium term.'' Fed chair Janet Yellen also told a news conference that the removal of the word ``doesn't mean we're going to be impatient.''
Meanwhile, the April crude contract in New York fell $1.55 to US$43.11. Oversupply concerns have hit prices hard recently with crude down 14 per cent over the past eight sessions as inventories continue to climb. U.S. oil stockpiles rose by a much more than expected 9.6 million barrels last week. The latest worry is that oil storage space is becoming full, which could further depress prices.
Metals were higher with April bullion ahead $14.40 to US$1,165.70 an ounce while May copper gained seven cents to US$2.64 a pound.