The Canadian dollar dropped against its major rivals in the European session on Wednesday, as the nation's consumer inflation slowed in October from the previous month.

Data from Statistics Canada showed that Canada CPI rose 0.5 percent on a seasonally adjusted monthly basis in October, after a gain of 0.6 percent in the previous month.

Core CPI, excluding food and energy, grew 0.2 percent following the 0.3 percent increase in September.

The consumer price index rose 4.7 percent on a year-over-year basis in October, matching expectations.

The loonie reached a 5-day low of 1.2595 against the greenback and a 2-day low of 91.03 against the yen, following its previous high of 1.2540 and a 1-week high of 91.60, respectively. The currency is likely to locate support around 1.27 against the greenback and 90.00 against the yen.

The loonie edged down to 1.4243 against the euro and 0.9177 against the aussie, reversing from its prior 4-1/2-year high of 1.4176 and a 6-day high of 0.9138, respectively. The currency is seen finding support around 1.44 against the euro and 0.94 against the aussie.

Euro vs CAD (FX:EURCAD)
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Euro vs CAD (FX:EURCAD)
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