The Canadian dollar made strong gains against the U.S. dollar Thursday as the latest dose of stimulus from the U.S. Federal Reserve weighed on the American currency.

The loonie came within 0.1 of a cent of hitting parity with the U.S. dollar earlier but later backed away from the highs. It closed up 0.44 of a cent to 99.76 cents US, marking the sixth straight day it has moved ahead.

The dollar briefly hit par­ity with the U.S. dollar Oct. 14, but hasn’t closed above that level since April 23.

Investors were relieved at the Fed’s decision Wednesday to buy the additional assets in a measure known as quantitative easing, which is aimed at creating more dollars and increasing the supply of money in the economy.

But creating that extra money comes at a cost.

“With the Fed (quantitative easing) announcement, the greenback is in free fall with every major currency gaining ground against it,” said Andrew Busch, Global Currency and Public Policy Strategist at BMO Capital Markets.