Loonie at 72.65 U.S. cents
weakened to a four-month low against its U.S. counterpart on Wednesday as investors awaited a Bank of Canada policy decision, expecting the central bank to hold steady after eight consecutive interest rate hikes.
The move came as the U.S. dollar scaled multi-month highs against a basket of major currencies after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Canada recorded a surprise trade surplus of C$1.9-billion in January, driven by broad-based gains in exports, while imports posted a smaller increase led by motor vehicles and parts, Statistics Canada said. Analysts had forecast a small deficit.
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