The Canadian dollar slipped against its most major counterparts in the New York session on Wednesday, after the Bank of Canada left its interest rate unchanged and recalibrated the QE program to conduct purchases of longer-term bonds.

The BOC maintained its benchmark rate at 0.25 percent, as expected.

The bank said that it is recalibrating the QE program to shift purchases towards longer-term bonds, which have more direct influence on the borrowing rates that are most important for households and businesses.

The total purchases will be gradually reduced to at least C$4 billion a week.

The bank will continue the QE program until the recovery is well underway.

"The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved," it said.

The loonie weakened to a 3-week low of 1.3326 versus the greenback, compared to Tuesday's closing quote of 1.3184. The next likely support for the currency is seen around the 1.37 level.

The loonie fell to a 4-day low of 1.5624 versus the euro, after rising to a 5-day high of 1.5523 at 2:45 am ET. The currency is likely to challenge support around the 1.58 level.

Data from Destatis showed that German import prices dropped at a faster pace in September driven by a sharp fall in energy prices.

Import prices declined 4.3 percent year-on-year, faster than the 4 percent decrease seen in August.

The loonie touched 78.27 versus the yen, its weakest level since July 31. If the currency falls further, 76.5 is likely seen as its next support level.

In contrast, the loonie rose to a 4-day high of 0.9370 versus the aussie, from a 2-week low of 0.9434 set at 2:30 am ET. Next key resistance for the currency is found near the 0.92 level.

Data from the Australian Bureau of Statistics showed that consumer prices in Australia rose 0.7 percent on year in the third quarter of 2020 - in line with expectations following the 0.3 percent decline in the previous three months.

On a quarterly basis, inflation climbed 1.6 percent - exceeding expectations for 1.5 percent following the 1.9 percent contraction in the three months prior.

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