Loonie Climbs as BoC Keeps Rates Steady, Oil Prices Dip

The Canadian dollar had a sudden change of heart on Wednesday morning after the Bank of Canada announced it would keep its overnight rate at 2.25 per cent.

As of 8:55 am CDT, the Loonie was trading at US$0.7209 or US$1=C$1.3872, up from Tuesday's close of US$0.7196 or US$1=C$1.3896.

The United States Dollar Index slipped by 0.132 of a point to 99.510.

Crude oil prices also saw some volatility, with West Texas Intermediate down 83 cents at US$89.39 per barrel and Brent crude down 60 cents at US$94.05 after yesterday's sharp spikes.