The Canadian dollar slipped against most major rivals in European deals on Tuesday, as falling commodity prices and fresh concerns over the future of Greece's financial bailout sapped investors' appetite for risk.
Crude for February delivery fell $0.72 to $52.89 per barrel.
Oil prices declined as fears over oversupply over showed escalating violence in Libya, where a fire destroyed 800,000 barrels of crude at Es Sider oil terminal.
Greek Parliament on Monday failed to elect a new president in a third and final round of voting, triggering a snap election which could yield power to anti-austerity leftists and risk nasty fallout for Greece's fragile economic recovery.
Disappointing inflation data from Spain added to investors' woes.
Spain's EU measure of inflation dropped the most in nearly five-and-a-half years in December, preliminary figures from the statistical office INE showed.
The harmonized index of consumer prices, or HICP, fell 1.1 percent annually following a 0.5 percent decline in November. The decrease far exceeded economists' prediction for a 0.7 percent slump.
The loonie fell to 0.9501 against the aussie, its lowest since December 19.At yesterday's close, the pair was worth 0.9457. The next possible support for the loonie is seen around the 0.96 mark.
The loonie hit an 11-day low of 102.47 against the yen, down from Monday's closing value of 103.63. Continuation of the downtrend may lead the loonie-yen pair to a support around the 102.00 mark.
After rising to a new 3-week high of 1.4117 against the euro, the loonie reversed direction with pair trading at 1.4167. Next support level for the loonie may be eyed near the 1.42 area.
On the flip slide, the loonie was higher against the greenback, trading at 1.1627, off early weekly low of 1.1650.
Looking ahead, U.S. S&P/Case-Shiller home price index for October and consumer confidence index for December are due in the New York session.
The material has been provided by InstaForex Company – www.instaforex.com