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The Canadian dollar advanced against its most major counterparts in the New York session on Wednesday, after the Bank of Canada left its interest rate unchanged, saying that the impact of the COVID-19 pandemic seemed to have peaked.

The BOC maintained its benchmark rate at 0.25 percent, as expected.

The Canadian economy appeared to have avoided the most severe scenario presented in the bank's April Monetary Policy Report, the bank said in the accompanying statement.

"Decisive and targeted fiscal actions, combined with lower interest rates, are buffering the impact of the shutdown on disposable income and helping to lay the foundation for economic recovery," it said.

Although the outlook for the second half and beyond remained heavily clouded, the bank expects the economy to resume growth in the third quarter, it added.

Extending early rally, the loonie jumped to a 3-month high of 80.63 versus yen. The loonie is poised to challenge resistance around the 81.5 mark.

The loonie rose back to 1.3485 versus the greenback, not far from a 1-year peak of 1.3480 seen in the Asian session. The loonie is likely to face resistance around the 1.33 region, if it gains again.

The loonie bounced off to 1.5132 versus the euro, from a 2-day low of 1.5200 hit at 9:45 am ET. Next key resistance for the loonie is likely seen around the 1.49 level.

Survey results from IHS Markit showed that the euro area private sector contracted sharply in May, but improved from April as lockdown restrictions implemented to prevent the spread of coronavirus loosened in many economies.

The final composite output index rose to 31.9 in May from April's record low of 13.6. The score was above the flash reading of 30.5.

In contrast, the loonie held steady against the aussie, after having recovered from a 1-year low of 0.9415 set in the Asian session. At Tuesday's close, the pair was valued at 0.9323.

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