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Canadian dollar ticks up after central bank holds rates steady

The Canadian dollar strengthened on Wednesday after the country’s central bank held its benchmark rate steady, but issued an upbeat tone on the economy.

The loonie was up 0.24 per cent against the US dollar to CAD$1.346 following the decision.

Bank of Canada policymakers held the benchmark rate at 0.5 per cent, but said that “the Canadian economy’s adjustment to lower oil prices is largely complete and recent economic data have been encouraging, including indicators of business investment”.

Still, it warned that various issues “continue to cloud the global and Canadian outlooks”.