The Canadian dollar dropped against its major counterparts in the European session on Tuesday, as the nation's annual inflation slowed more than expected in January.

Data from Statistics Canada showed that the consumer price index rose 2.9 percent year-on-year, following a 3.4 percent increase in December. Economists had expected inflation to ease to 3.3 percent.

On a seasonally adjusted monthly basis, consumer prices fell 0.1 percent, compared to a 0.3 percent gain in the prior month.

Core CPI, excluding food and energy, eased to 0.1 percent from 0.2 percent last month.

The loonie weakened to multi-week lows of 1.4638 against the euro and 0.8890 against the aussie, off its early highs of 1.4529 and 0.8810, respectively.

The loonie fell to 5-day lows of 1.3525 against the greenback and 110.87 against the yen, from an early high of 1.3472 and a 4-day high of 111.44, respectively.

The loonie is seen finding support around 1.48 against the euro, 0.92 against the aussie, 1.38 against the greenback and 108.00 against the yen.

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