Canadian dollar fell 0.9% on Monday after news broke out of a stunning elections victory for Liberals, ending a nine-year run for conservatives in the government. Financial investors praise Conservatives for their tackling of the economy and worry about a Liberal rule, after Trudeau, the Liberal leader, promised to run an annual deficit to fund infrastructure. The loonie extended its fall in early trading on Tuesday, sliding a further 0.2% to 1.3033 against U.S. dollar. Canadian shares ended Monday on a low note after the news, with the S&P\TSX composite index falling 0.58%.

Asian shares were in choppy trading on Tuesday as worries over China's growth deepen, with China's Shanghai index falling 0.09%. Australia's S&P\ASX 200 fell 0.59%. Other indexes bucked the trend, with Japan's Nikkei rising 0.51%. Korea's KOSPI rose 0.26%.

Oil rose slightly in early trading, with Brent futures for December rising 5 cents, or 0.03% to $48.85 a barrel. U.S. oil futures rose a more robust 22 cents, or 0.48% to $46.50 a barrel.

Spot gold fell $4.83 in early Tuesday, or 0.41% to $1,168 an ounce. Silver fell 2 cents, or 0.11%to $15.81 an ounce.  

Euro was flat against the dollar at 1.1330 after hitting a ten-day low yesterday. Traders will be looking forward to an ECB meeting on Thursday, expecting more stimuli to spur anemic growth and inflation, which would push Euro down further.

Also relating to the Euro's stand, a raft on economic indicators are expected today, with the German Producer Price Index (PPI) for September on the forefront, expected to have fallen 0.1% m\m, against a steeper drop in August at 0.5%. Coming short of expectation will pressure the ECB more into action, which will put more downward pressure on Euro.

From the U.S., Building permits report for September is released today, expected to come at an annualized 1.16M. Also relating to this, another Survey is released measuring housing starts in September, forecast to come at an annualized 1.14M. These surveys are crucial for gauging U.S. house markets, beating expectations will imply strengthening GDP growth and push the dollar up.

Bank of England governor Carney is speaking today, investors will be looking at clues in his speech, a hawkish tone will rally Sterling, and vice versa.