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2014.04.1611:35:00UTC+00Canadian Dollar Retraces Gains As BoC Prefers Weak Currency To Support Exports

The Canadian dollar gave up early gains against other major currencies on Wednesday as the Bank of Canada maintained interest rates at 1 percent. However, the bank noted that a lower exchange could provide more support to exports.

The bank observed that country's inflation remains low. Core inflation is expected to stay well below 2 per cent this year due to the effects of economic slack and heightened retail competition.

However, higher consumer energy prices and the lower Canadian dollar would exert temporary upward pressure on total CPI inflation, pushing it closer to the 2 percent target in the coming quarters, the bank stated.

The loonie declined to near a 2-week low of 1.1015 against the greenback, pulling away from high of 1.0961 hit a short while ago. The next possible downside target for the loonie is seen around the 1.105 zone.

The loonie eased from its recent high of 1.5153 against the euro, falling back to 1.5228. The loonie is thus short of few pips to break its European session's multi-day low of 1.5231.

The loonie fell back to 92.84 against the yen, off early 6-day high of 93.28.

The loonie slipped to 1.0311 against the aussie following the announcement, after climbing to 1.0258 in Asian deals. If the loonie extends slide, it may eye support around the 1.035 area.

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