The Canadian dollar rose against most currencies on Wednesday, following the Bank of Canada's widely expected decision.

The Bank of Canada announced today holding the interest rate at 0.25% unchanged, and hinted that will likely remain for a period of time in the bank's efforts and policies to ease the coronavirus economic impact.

The bank stated that the economic data show the coronavirus impact on the global economy amid uncertainty about a potential recovery, and heading toward deep recession.

However, financial conditions have slightly improved and commodity prices rose in the last few weeks, after a wide-scale drop due to the health crisis, which signals a potential recovery after the economic reopening measures.

As of 16:56 GMT, CAD/USD rose 0.2% to 0.7415, after the pair hit an intraday high of 0.7419 and a low of 0.7368.

The US dollar fell against most currencies on Wednesday, to shrug off better than expected data.

ADP data showed that the US private sector has lost 2.76 million jobs in May, significantly lower than forecasts of -9 million jobs.

While the US Department of Labor will reveal tomorrow the US weekly jobless claims reading, and the monthly jobs report on Friday.

Investors are focusing on the US economy continued reopening measures, despite the continuing civil unrest in several US cities and states.

This came as protests intensified after the killing of an African-American citizen by a local policeman, which many saw as a racist incident.

The dollar index fell against a basket of currencies by 0.4% to 97.2 points as of 18:34 GMT, after it hit a high of 97.6 and a low of 97.2.

Oil prices fell on Wednesday, despite the US dollar drop against most currencies and the US crude inventory falling unexpectedly.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 2.1 million barrels during the past week, beating forecasts of rising by 3.5 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 483,000 barrels during same period.

The dollar index fell against a basket of currencies by 0.4% to 97.2 points as of 17:16 GMT, after it hit a high of 97.6 and a low of 97.2.

As of 17:11 GMT, West Texas Intermediate crude fell 0.2% to $36.7 a barrel, after it hit an intraday high of $38.1 and a low of $35.8.

While Brent fell 0.4% to $39.4 a barrel, with a high of $40.5 and a low of $38.7.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 2.1 million barrels to reach a total of 532.3 million barrels during the past week, beating forecasts of rising by 3.5 million.

The gasoline stockpiles rose 2.8 million barrels to a total of 257.8 million, and distillate stockpiles rose by 9.9 million barrels to a total of 174.3 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 483,000 barrels during same period.