But gains were tempered for the Canadian dollar, which often tracks the performance of tradables on the commodity complex due to its economy being based on the export of its natural resources. The loonie had bounced upward in the aftermath of policy makers with the U.S. Federal Reserve announcing on Wednesday the central bank will continue Operation Twist, a method of spurring the globe's largest economic system.
"We will continue to see a risk rally and dollar weakness on expectations of further easing," Europe currency strategy head Steven Saywell with BNP Paribas SA in London told Bloomberg. "We see the Canadian dollar moving back down towards parity."
The Canadian dollar is likely to endure additional volatility on Thursday due to the speaking engagement in Nova Scotia scheduled for central bank Governor Mark Carney.
For the fourth time in four years, Canada is set to tighten rules on mortgages, according to the Canadian Press. Finance Minister Jim Flaherty is set to announce additional restrictions on Thursday that will make acquiring mortgages more difficult for nationals whose savings are lower.