TSX Levels Off Despite Sunny Outlook From BoC -- Canadian Commentary

(RTTNews) - Canadian stocks inched lower Wednesday after the Bank of Canada predicted a nice rebound in the domestic economy later this year.

The Bank of Canada held its key interest rate target steady at 0.5 percent.

"While Canada's economy shrank in the second quarter, the bank still projects a substantial rebound in the second half of the year," the Bank of Canada said.

The S&P/TSX Composite Index was down 16.37 points to 14,796.65.

The index had been on the rise for six of the past seven sessions, but pulled up shy of this summer's yearly peak near 15,000.

Energy stocks were fractionally weaker even as crude oil rebounded above $45 a barrel.

CP Rail (CP.TO) shares were up 0.6 percent after acivist investor Bill Ackman resigned from the company's board.