The Canadian dollar fell to its lowest level since mid-July against the U.S. dollar on Wednesday after the Bank of Canada left its key interest rate unchanged at 1%. Traders had anticipated the central bank to keep rates on hold during the October meeting after Canadian economic data was mixed of late, including a big miss in retail sales data last week. BOC Gov. Stephen Polok also continuously reiterated that policy decisions would be data-driven, causing traders to adjust their expectations. Yet, the U.S. dollar jumped to a three-month high against its Canadian counterpart , buying $1.2770 versus C$1.2675 late Tuesday.
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