No makeup date was immediately announced.
"With what the forecast was, the last thing we wanted to do was have one of those stop-start jobs," Yankees Manager Joe Torre said on the team's Web site. "That's always a concern for both clubs."
The teams are scheduled to meet Thursday night, and Wednesday's rainout allows the Yankees to shuffle their pitching rotation heading into this weekend's series against Boston.
The Yankees, who are last in the American League East, were swept in their three-game series at Boston last weekend.
The Blue Jays have won two in a row, but split their last four games.