Canadian data on Tuesday is expected to show that the economy grew by just 0.1 percent in August, which would support expectations for slower growth in the third quarter after a strong first half of the year.

Canada's employment report for October and the trade report for September are due on Friday.

The Canadian dollar has been the weakest performer of the G10 currencies since the Bank of Canada last raised rates in September, and some strategists predict more declines in value after the central bank on Wednesday dialed back expectations for more hikes this year.