January 21, 2015 / 3:14 PM / 3 years ago

C$ weakens to 5-1/2 year low after shock Bank of Canada rate cut

TORONTO, Jan 21 (Reuters) - The Canadian dollar fell to its weakest level against the U.S. dollar on Wednesday after the Bank of Canada shocked the market with an interest rate cut.

The Canadian dollar retreated to as much as C$1.2420 against the U.S. dollar, or 80.52 U.S. cents, before paring some of its losses, but was still sharply weaker than just before the announcement and weaker than Tuesday's close of C$1.2107, or 82.60 U.S. cents. (Reporting by Solarina Ho)

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