TORONTO - The Canadian dollar was down nearly half a cent against the U.S. dollar on Friday, dipping 0.44 of a cent to 93.73 cents U.S.
With no scheduled economic releases in either Canada or the United States on Friday, currency is trading on "broader market themes," Camilla Sutton, Scotiabank's chief FX strategist said in a note.
The U.S. dollar has been gaining strength against the loonie in recent weeks amid expectations that the American economy will outpace Canada's in 2013 and 2014.
On the commodity markets, February crude on the Nymex climbed 20 cents to US$99.76 a barrel.
Gold prices saw an uptick after plunging to three-year lows last week. The February contract on the New York Mercantile Exchange fell $1.30 to US$1,211 an ounce.
March copper dipped two cents to US$3.38 a pound.
Earlier this week, the Bank of Canada announced that deputy governor John Murray will step down on April 30, 2014. Murray has overseen the central bank's analysis of domestic and international economic developments.