At 10:00 am ET Wednesday, the Bank of Canada announces decision on interest rates. Economists forecast the benchmark rate to remain at 0.25 percent.

The loonie dropped against its major rivals before the decision.

The loonie was worth 1.5168 against the euro, 85.60 against the yen, 0.9745 against the aussie and 1.2634 against the greenback at 9:55 am ET.