Loonie keeps gains after expected rate decision

The Canadian dollar rose against its major peers on Wednesday, and kept its gains after the Bank of Canada’s interest rate decision.

The Bank of Canada decided to hold the interest rate unchanged at 0.25%, which was largely expected in the market.

This came within the bank's efforts to speed up the economy recovery from the pandemic impact and to help it return to its growth path.

Global markets are focusing on Joe Biden's inauguration as President of the United States later today.

News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

As of 16:18 GMT, CAD/USD rose by 0.7% to 0.791, after hitting a high of 0.7933, and a low of 0.7844.