Loonie advances to four-week height

The Canadian dollar rose on Wednesday to a four-week high after the Bank of Canada meeting, at which it kept policy unchanged to underpin the loonie. 

USD/CAD last traded at 1.3023, compared to the opening of 1.3108, with an intraday high at 1.3129, and a four-week trough at 1.3017. 

Earlier, Bank of Canada kept interest rates unchanged at 0.50% as expected, as the bank looks for more data before taking a new monetary position. 

On the other hand, the BoC lowered its growth forecasts for this year and the next, indicating continued weakness in the business sector, while exports weakens, which puts negative pressure on growth. 

On the other hand, the greenback fell and wavered today after mixed U.S. housing data, which lowered demand on the currency and buoyed the loonie. 

The dollar index, tracking the U.S. currency's performance against an array of six major rivals, traded at 97.87, compared to the opening of 97.89, with an intraday low at 97.64, and a high at 97.93, as the dollar keeps dithering following mixed U.S. industrial data.