The Canadian dollar weakened against its major counterparts in the European session on Monday, as oil prices declined on indications of increasing oil output from the U.S. and rising oil exports from Iran, outweighing optimism over the efforts by the OPEC and other nations to reduce global output.

Crude for February delivery declined $1.10 to $52.89 per barrel.

Data from oil service provider Baker Hughes showed last week that oil rig count rose for the 10th consecutive week, increasing by 4 to 529 in the week ended December 30.

OPEC's second-biggest producer Iraq sold over 13 million barrels of oil held on tankers at sea, while its exports from Basra port grew by a record 3.51 million barrels per day in December.

European stocks are mostly lower, with a slew of negative corporate news and resurfacing hard-Brexit worries dampening investor sentiment.

The currency has been trading in a negative territory against its major rivals in the Asian session, with the exception of the yen.

The loonie weakened to a 4-day low of 1.3277 against the greenback, compared to Friday's closing value of 1.3237. If the loonie extends slide, 1.34 is possibly seen as its next support level.

The loonie was trading lower at 1.3957 against the euro, off its early high of 1.3932. Continuation of the loonie's downtrend may see it challenging support around the 1.42 mark.

Preliminary data from Eurostat showed that Eurozone jobless rate remained unchanged in November at its lowest level since the middle of 2009.

The seasonally adjusted unemployment rate was 9.8 percent, unchanged from October, and in line with economists' expectations. The rate was the lowest since July 2009.

Reversing from an early high of 0.9654 against the aussie, the loonie dropped to 0.9725. The loonie is poised to find support around the 0.98 area.

The latest survey from the Australian Industry Group showed that Australia's construction sector continued to contract in December, albeit at a slower pace, with a Performance of Construction Index score of 47.0.

That's up from 46.6 in November, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The loonie, having advanced to more than a 3-week high of 88.66 versus the yen at 12:00 am ET, reversed direction and edged down to 87.84. Further weakness may take the loonie to a support around the 86.00 zone.

Looking ahead, the Federal Reserve Bank of Atlanta President Dennis Lockhart speaks on monetary policy before the Rotary Club of Atlanta at 12:45 pm ET.

Federal Reserve Bank of Chicago President Charles Evans speaks on economic outlook before the CFA Society Chicago at 1:00 pm ET.

The U.S. consumer credit for November is due at 3:00 pm ET.

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