The Canadian dollar edged lower against its major counterparts in early New York trading on Tuesday as the price of crude oil continued to trade lower ahead of remarks by Federal Reserve Chairman Ben Bernanke, who is due to testify before the Joint Economic Committee of Congress on Wednesday. Bernanke's remarks could have a big impact on expectations regarding the Fed's plans to slow the pace of its asset purchase program.
The loonie reached 1.3248 against the euro around 9:40 am ET, its weakest level since May 2. The Canadian currency also fell to session's lows of 1.0294 against the greenback and 99.80 against the yen around the same time. On the downside, the loonie may find support levels at 99.15 against the yen, 1.33 against the euro and 1.0310 against the greenback.
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