As expected, the Bank of Canada raised its benchmark rate by 25 basis points to 0.75 percent from 0.50 percent. Following the decision, the loonie advanced against its major rivals.

The loonie was worth 1.2872 against the greenback, 87.83 against the yen, 1.4670 against the euro and 0.9857 against the aussie around 10:03 am ET.

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