The Canadian dollar slipped against its most major counterparts in pre-European deals on Wednesday, as oil prices declined after data from the American Petroleum Institute showed a huge build in oil inventories last week, reinforcing worries over supply glut.

Data from the industry group API showed that U.S. stockpiles increased by 8.8 million barrels last week to reach a record high of 531.8 million.

The Energy Information Administration will release official data later in the day.

Asian stock markets are mostly lower, following the lackluster cues overnight from Wall Street. Geopolitical concerns following the deadly terror attacks in Brussels weighed on sentiment.

The loonie was moderately higher against most major rivals yesterday. The loonie added 0.7 percent against the euro, 0.4 percent against the greenback and 0.8 percent against the yen.

The loonie weakened by 0.4 percent to 1.3095 against the greenback from Tuesday's closing value of 1.3048. The loonie is seen finding support around the 1.32 mark.

The loonie that ended yesterday's trading at 1.4622 against the euro edged down to 1.4674. The loonie may locate support around the 1.48 region.

The loonie dropped to 85.71 against the Japanese yen, after having advanced to 86.18 at 5:45 pm ET. On the downside, 84.00 is likely seen as the next support level for the loonie.

On the flip side, the loonie edged up to 0.9948 against the aussie, off early weekly low of 0.9980. The pair was worth 0.9934 when it ended yesterday's trading.

Looking ahead, U.S. new home sales for February are due in the New York session.

At 11:00 am ET, Eurozone flash consumer sentiment index for March is set for release.

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