The Canadian dollar declined further against most major currencies during New York mid-day deals on Tuesday. Extending previous session's downtrend, the loonie dropped to a 13-day low of 1.2655 against US dollar, 6-day low of 1.6763 versus the euro and multi-month low of 0.8800 against the Aussie by about 1:40 pm ET today.

At the same time, the loonie surged against the Japanese yen and hit a high of 78.98 at about 11:40 am ET. Thereafter, the pair reversed its direction and as of now worth 78.41.

According to Statistics Canada, gross domestic product for Canada fell 0.7 percent in January. Meanwhile, Canadian Industrial Product Prices rose 0.4 percent and raw materials climbed 1.7 percent in February.

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