(RTTNews) - Thursday, the Canadian dollar recovered from new multi-day lows against the US currency, the European currency and the Japanese yen as Oil headed higher above $67 a barrel today. Oil rose above $67 a barrel today after a 3.5 percent decline the previous day, boosted by increased oil price forecasts from U.S. investment bank Goldman Sachs. U.S. crude for July delivery CLc1 rose $1.19 cents to $67.31 a barrel by 5:45 am ET. London Brent crude LCOc1 gained $1.37 to $67.25. The Bank of Canada is set to announce its interest rate decisions at 9:00 am ET today. The central bank is widely anticipated to keep interest rates on hold at 0.25%. In its last meeting, the Bank of Canada lowered its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent. Most economists were predicting that the Bank would stand pat. The Bank noted that deteriorating credit conditions have spread quickly through trade, financial, and confidence channels, insisting measures to stabilize the global financial system have taken longer than expected to enact. "As a result, the recession in Canada will be deeper than anticipated, with the economy projected to contract by 3.0 per cent in 2009," said the Bank. Against the US dollar, the Canadian currency traded higher during early deals on Thursday. At 4:35 am ET, the loonie reached a high of 1.1023 against the greenback, moving from an early Asian session 6-day low of 1.1148. The next upside target level for the Canadian dollar is seen around 1.079. The Canadian dollar closed Wednesday's North American session at 1.5731 against the European currency edged down to a 9-day low of 1.5779 at 1:00 am ET Thursday. Thereafter, the loonie reversed its direction and is currently trading at 1.5694 against the euro with 1.584 seen as the next target level. The Eurostat said today in a report that Eurozone retail sales increased 0.2% month-on-month in April, compared to the 0.1% fall in the previous month, revised from 0.6% drop reported initially. Economists were looking for a decline of 0.2%. French statistical office INSEE said today in a report that the ILO jobless rate stood at 9.1% in the first quarter, up from 8% in the fourth quarter. Economists had expected a rate of 8.6%. A year earlier, the jobless rate was 7.6%. The fourth quarter number was revised down from 8.2%. At 7.45 am ET, the European Central Bank is expected. The central bank is forecast to stay pat on key rate. Following a 25 basis point reduction in May, the central bank is expected to hold the interest rate on the main refinancing operations of the Eurosystem at 1%.

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