The Canadian Gross Domestic Product report for January and the industrial product price index for February are due out at 8:30 am ET on Tuesday. Analysts expect the Canadian economy to shrink 0.7 percent in January, while the industrial product price index to rise 0.4 percent in February.

The Canadian dollar held steady against its major counterparts ahead of the reports. As of 8:20 am ET, the loonie was worth 1.2542 against the greenback, 78.64 versus the Japanese yen and 1.6707 against the euro.

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