The Canadian dollar slipped against its most major counterparts in the European session on Wednesday, as oil prices fell and uncertainty about U.S. debt ceiling negotiations dampened risk sentiment.
Crude for June delivery fell $0.36 to 76.50 per barrel.
Oil prices dropped as data from the American Petroleum Institute showed an unexpected build in U.S. crude stocks.
President Joe Biden cut short his planned Asia trip and will return to the U.S. on Sunday as the clock ticks towards the deadline.
House Speaker Kevin McCarthy said there is "a lot of work to do" to reach a deal for raising the debt ceiling.
The loonie touched 1.3535 against the greenback, setting a 2-day low. If the loonie slides further, 1.38 is possibly seen as its next support level.
The loonie was down against the euro, at 1.4661. On the downside, 1.48 is likely seen as its next support level.
The loonie retreated to 0.8975 against the aussie, from an early multi-week high of 0.8952. Next key support for the currency is likely seen around the 0.92 level.
In contrast, the loonie remained higher against the yen and was trading at 101.43. The currency is seen finding resistance around the 0.92 level.
Looking ahead, U.S. building permits and housing starts for April are set for release in the New York session.
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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.