Loonie Hits New Heights as BoC Announces Seventh Straight Rate Freeze

The Canadian dollar closed higher on Wednesday, gaining almost two-tenths of a cent after the Bank of Canada announced its latest interest rate freeze.

The Loonie finished at US$0.7213 or US$1=C$1.3863 compared to Tuesday's close of US$0.7196 or US$1=C$1.3896.

The Bank of Canada said its overnight rate will remain at 2.25 per cent, for the seventh consecutive announcement. However, the central bank noted that incoming tariffs and the possibility of greater inflation could alter its course with interest rates.