The Canadian dollar advanced against its most major counterparts in the European session on Tuesday, as investors await key U.S. consumer price inflation data later in the day for clues on the path for interest rates.

The consumer price index is expected to have risen by 6 percent year-over-year in February compared to 6.4 percent in January.

Traders shifted back to betting Fed rate cuts amid the fallout from SVB and lingering worries about contagion.

Some economists now expect no rate increase at all when the Federal Reserve delivers its interest-rate decision later this month.

The loonie climbed to 1.3702 against the greenback and 97.82 against the yen, from its prior lows of 1.3748 and 96.83, respectively.

The loonie up against the euro, at a 4-day high of 1.4641.

Next near term resistance for the currency is likely seen around 1.36 against the greenback, 99.00 against the yen and 1.46 against the euro.

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