July 17, 2013 / 2:13 PM / 7 years ago

CANADA FX-C$ weakens to session low after Bank of Canada statement

TORONTO, July 17 (Reuters) - The Canadian dollar retreated to its weakest level against the U.S. dollar in a week on Wednesday after the Bank of Canada pledged to keep its benchmark interest rate on hold under explicit conditions, but made clear the next move was likely a hike, not a cut.

The Canadian dollar softened to C$1.0445 versus the greenback, or 95.74 U.S. cents briefly after the statement was released, before paring losses, but was still weaker than Tuesday’s North American close at C$1.0366, or 96.47 U.S. cents.

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