A current carrying loop creates a magnetic field around it. The strength of the magnetic field created depends on the current through the conductor. At the centre of the loop the magnetic feild lines are perpendicular to the plane of the loop and behaves like a magnet.
The comparision between the magnetic field lines around a current carrying loop and a bar magnet shows that the two patterns are similar.
If the current in the loop is in the anticlockwise direction, a north pole is formed and if the current is in the clockwise direction a south pole is formed.