At 8:30 am ET Wednesday, Statistics Canada releases Canada retail sales data for December. Economists expect the sales to be flat on month, following a 0.2 percent rise in November.

Ahead of the data, the loonie falls against its major rivals.

The loonie was worth 1.3841 against the euro, 1.0112 against the aussie, 1.3168 against the greenback and 85.81 against the yen as of 8:25 am ET.

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