The U.S. dollar softened against its Canadian rival on Wednesday after the Bank of Canada left its benchmark policy rate unchanged at 0.5%. The greenback sunk to a session low at C$1.3063, compared with C$1.3107 late Tuesday in New York, before paring its decline to $1.3064 in recent trade. Canadian bond yields inched higher, with the 10-year rising two basis points to 1.220%. In a quarterly outlook released Wednesday, the Bank of Canada lowered its projections for growth and inflation, and also pushed back its expectations for closing the country’s output gap until mid-2018. Bank of Canada Gov. Stephen Poloz will hold a press conference at 11:15 a.m. Eastern Time.
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