* Canadian dollar at C$1.1178, or 89.46 U.S. cents * Bond prices higher across the maturity curve By Leah Schnurr TORONTO, Jan 29 The Canadian dollar weakened to near four-year lows against the greenback on Wednesday after the U.S. Federal Reserve announced it would further scale back its economic stimulus program. The U.S. central bank said it will reduce its monthly bond purchases by another $10 billion. While the move was largely expected, it came against the backdrop of a recent selloff in emerging markets that was fueled in part by worries that less bond-buying by the Fed will reduce the liquidity that has boosted emerging market assets. A faster timetable for the Fed to wind down its quantitative easing, or "QE", program has typically been bearish for the loonie as it boosts the U.S. dollar. But the Canadian currency was also buffeted on Wednesday by heightened risk-aversion around the world related to emerging-market concerns. "With the ready access to cheap and easy liquidity, investors were taking those funds and allocating into their emerging markets funds, where, yes, it's high risk but certainly the high reward was there," said Gareth Sylvester, director at Klarity FX in San Francisco. "Now you're starting to see the spigot that is QE is being tapered, then certainly we're seeing investors pull back out of those emerging markets." The volatility in global markets in recent days has also been brought on by a combination of country-specific problems. Aggressive interest rate hikes by Turkey and South Africa failed to prop up their markets. The Canadian dollar ended the North American session at C$1.1178 to the greenback, or 89.46 U.S. cents, weaker than Tuesday's close of C$1.1156, or 89.64 U.S. cents. With the Fed announcement out of the way, investor attention will start to turn toward Friday's Canadian monthly gross domestic product report, the only piece of domestic economic data on the calendar for the week. Canadian government bond prices were higher across the maturity curve, with the two-year up 1 Canadian cent to yield 0.964 percent and the benchmark 10-year up 40 Canadian cents to yield 2.371 percent.