Loonie Bounces Back After Bank of Canada Holds Overnight Rate Steady

The Canadian dollar made an unexpected turn on Wednesday morning after the Bank of Canada announced it would keep its overnight rate at 2.25 per cent.

This decision led to a climb in the loonie, with the currency reaching US$0.7209 or US$1=C$1.3872 as of 8:55 am CDT.

However, crude oil prices took a dip following yesterday's sharp spikes, with West Texas Intermediate falling 83 cents to US$89.39 per barrel and Brent crude down 60 cents at US$94.05.