Canadian dollar

The Bank of Canada’s more dovish outlook drove the loonie to a near four-month low and helped to pull the Toronto stock market from its record high.

The S&P/TSX composite index closed down 82.88 points to 16,586.52.

In New York, the Dow Jones industrial average was down 59.34 points at 26,597.05. The S&P 500 index was down 6.43 points at 2,927.25, while the Nasdaq composite was down 18.81 points to 8,102.01.

The Canadian dollar traded at an average of US74.21¢ compared with an average of US74.51¢ on Tuesday following the Bank of Canada’s latest interest rate announcement. The central bank kept its key interest rate target on hold at 1.75%, but it also dropped any mention of future rate hikes in its statement.

The June crude contract was down 41¢ at US$65.89 per barrel and the June natural gas contract was up 0.1¢ at US$2.50 per mmBTU.

The June gold contract was up US$6.20 at US$1,279.40 an ounce and the May copper contract was up 1.65¢ at US$2.91 a pound.