The Canadian dollar trimmed its early decline against its major rivals on Tuesday's European deals, as oil prices recovered.

The loonie was trading at 1.2602 against the greenback and 1.4278 against the euro, off early near 2-week lows of 1.2662 and 1.4330, respectively.

The loonie bounced off to 94.81 against the yen, from previous low of 94.35.

The loonie rose back to 0.9786 against the aussie, reversing from early low of 0.9815. The loonie is heading to pierce early 4-day high of 0.9775.

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