The Canadian dollar was lower Wednesday morning as traders took the results of the Quebec election in stride and the Bank of Canada's announced it was leaving its key interest rate unchanged at one per cent amid weakening global economies.

The loonie was down 0.16 of a cent at 101.28 cents US as the central bank said that there is a widespread slowing of activity across most economies.

Specifically, "the economic expansion in the United States continues at a gradual pace, Europe is in recession and its crisis, while contained, remains acute," said the bank in its accompanying statement.

"In China and other major emerging economies, growth is decelerating somewhat more quickly than expected from previously-rapid rates."

The bank left intact language indicating that rates will likely rise at some point in the future.