Statistics Canada releases Canada trade data for January at 8:30 am ET Tuesday. The trade surplus is seen weakening to C$0.75 billion from C$0.92 billion in December.

Ahead of the data, the loonie traded mixed against its major rivals. While the loonie dropped against the greenback, euro and the aussie, it held steady against the yen.

The loonie was valued at 1.4194 against the euro, 84.96 against the yen, 1.0197 against the aussie and 1.3418 against the greenback at 8:25 am ET.

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