TORONTO -- Canada's main stock index closed lower along with U.S. markets as key commodities fell, while the loonie slipped lower as the Bank of Canada governor gave mixed commentary on the economy.

The general pullback in markets comes after a significant rise in recent weeks, said Allan Small, senior investment adviser at HollisWealth.

"I think it's just a bit of a pause. We've seen a pretty big run-up in the markets."

He said that with a growing number of indicators suggesting a slow-down in the economy, investors are wondering what could lift markets that are already approaching the record highs of last year.

"Everyone's starting to question whether or not with a slowing economy, corporate profits slowing down, the growth is slowing down, how sustainable is it that we could see this market gain significant momentum beyond the previous high."

The S&P/TSX composite index closed down 30.38 points at 16,000.86.

The moderate dip was spread widely across sectors. The energy index led declines with a 0.87 per cent fall as the April crude contract closed down 20 cents at US$56.96 per barrel.

Less cyclical sectors recorded small gains, including utilities and real estate.

In New York, the Dow Jones industrial average ended down 103.81 points at 25,850.63. The S&P 500 index was down 9.82 points at 2,774.88, while the Nasdaq composite was down 29.36 points at 7,459.71.

Bank of Canada governor Stephen Poloz said Thursday that the road to higher interest rates is "highly uncertain" amid data that has been giving some mixed messages.

Poloz said the labour market remains "extremely strong," but any future rate hikes will also have to factor in how housing markets adjust to higher borrowing costs and stricter mortgage guidelines, whether business investment picks up its pace and the "highly uncertain" global trade environment.

The comments overall didn't suggest a rate hike coming any time soon, said Small.

"I just don't think the bank of Canada wants to raise rates, ahead of the U.S. especially. A weaker dollar is a very good thing for us right now in our country."

The Canadian dollar averaged 75.78 cents US, down 0.16 of a US cent from Wednesday.

The April gold contract ended down US$20.10 at US$1,327.80 an ounce and the March copper contract was down two cents at US$2.90 a pound. The April natural gas contract ended up six cents at US$2.72 per mmBTU.