LONDON—The dollar dipped on Thursday as this week’s rally in U.S. Treasury yields paused, while the Canadian and Australian dollars gained on the back of rising commodity prices and optimism about economic growth. The euro and sterling rose after suffering their worst days in a month on Tuesday when the dollar was lifted by a jump in U.S. Treasury yields. However, by 1100 GMT the initial gains had fizzled with investors cautious about the next move in government bond yields. The European single currency was last at $1.1346, up slightly on the day and below an earlier high of $1.1369. The pound was 0.1 percent higher at $1.3622 and the yen was up marginally 114.26 per dollar. This left the dollar index, which measures the greenback against six major peers, at 95.563, 0.1 percent lower on the session. The dollar has not performed as well as expected recently, despite a …