Benchmark copper has fallen nearly 8% this week, while oil fell on Friday for a second straight session, down 0.30% at $70.83 a barrel.
On Wednesday, the U.S. central bank signaled interest rate hikes could begin in 2023, sooner than previous guidance of 2024.
The Canadian dollar was trading 0.3% lower at 1.2388 to the greenback, or 80.72 U.S. cents, after earlier touching its weakest level since April 28 at 1.2399.
Domestic data showed new home prices rising in May at an annual rate of 11.3%, the largest increase since November 2006.
Canadian government bond yields were higher across the curve, with the 10-year up 1.5 basis points at 1.409%.
Macklem, Fergal Smith, Jonathan Oatis
Canadian, U.S, Bank of Canada
TORONTO, Canada, U.S