Canadian dollars.JONATHAN HAYWARD/The Canadian Press
The Canadian dollar was lower Tuesday as U.S. Federal Reserve chairwoman Janet Yellen reassured markets that the U.S. central bank will continue to be patient in deciding when to hike interest rates.
The loonie declined 0.14 of a U.S. cent 79.38 cents (U.S.) as Yellen told the Senate Finance Committee that before rates go up, the Fed would drop that assurance of patience.
There has been much speculation the Fed could move on raising rates as early as June.
Oil prices ticked higher after four days of losses triggered by data last week that show significant buildups in U.S. crude inventories to 80-year highs. On Tuesday, the April crude contract gained 36 cents to $49.81 a barrel.
Metals were mixed with March copper up six cents to $2.66 a pound while April gold faded $7.50 to $1,193.30 an ounce.
There was also positive news for the euro zone. Greece's creditors in the 19-country currency union have approved a list of reforms that Athens proposed to get a four-month extension to its bailout, which should keep the country afloat over the coming months.