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The Bank of Canada is scheduled to release its interest rate decision at 10:00 am ET Wednesday. The bank is expected to raise rates by a quarter-point to 1.50 percent from 1.25 percent.
Ahead of the decision, the loonie traded mixed against its major rivals. While the loonie dropped against the euro, it rose against the rest of major rivals.
The loonie was worth 84.69 against the yen, 1.5424 against the euro, 1.3134 against the greenback and 0.9722 against the aussie as of 9:55 am ET.
