Canadian dollar gains as commodities rise

Conjecture about central banks pushing forward with economy-spurring measures helped drive the Canadian dollar higher in value against its southerly rival on Wednesday, according to Reuters.

The European Central Bank on Wednesday also left its primary interest rate unchanged at 1 percent during the body's monthly policy meeting. ECB president Mario Draghi indicated the euro zone was subject to significant risk as it embarks on an economic recovery.

"It seems to just be on hopes of some form of quantitative easing from one of the major central banks," foreign exchange strategist Greg Moore with TD Securities told Reuters on Wednesday. "It's somewhat surprising that the reaction from just a general lift in risk assets moved the Canadian dollar about twice as much as the Bank of Canada did yesterday."

Spain and Greece are euro zone flashpoints and the political and fiscal issues beleaguering each nation are demonstrating large amounts of influence on world markets, Reuters reports.

Also on the uptick on Wednesday were prices on the commodity complex, according to The Canadian Press. Oil, the top export of natural-resources rich Canada, was climbing and lending support to the loonie.