Statistics Canada releases Canada trade data for October at 8:30 am ET Tuesday. The deficit is forecast to narrow to C$2 billion from C$4.08 billion in the previous month.

Ahead of the data, the loonie traded mixed against its major rivals. While the loonie rose against the euro, it dropped against the rest of major counterparts.

The loonie was valued at 1.3277 against the greenback, 85.80 against the yen, 1.4258 against the euro and 0.9905 against the aussie as of 8:25 am ET.

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