The Canadian dollar was weaker against the other major currencies in the Asian session on Monday, as oil prices extended their slide on supply glut fears, driven by rising rig counts in the U.S. and concerns of a slowing Chinese economy denting demand growth.

Crude oil for September delivery are currently down $0.30 at $46.82 a barrel.

Production of the Organization of the Petroleum Exporting Countries (OPEC) nations rose to record levels in July. The Secretary-general of the OPEC said Friday, the group would not cut output in response to lower prices.

Iranian oil Minister Bijan Zanganeh said the nation seeks to raise output by 500,000 barrels per day, as soon as sanctions are lifted.

Meanwhile, most Asian stock markets were lower as the decline in commodity prices, negative cues from Wall Street and weak Chinese manufacturing data dampened investor sentiment. The final reading for the Caixin China purchasing managers' index or PMI for July dropped to a two-year low of 47.8 and also declined from the preliminary reading of 48.2. The data raises fresh concerns about a slowdown in the world's second-largest economy.

Friday, the Canadian dollar fell 0.36 percent against the U.S. dollar, 0.89 percent against the yen, 1.43 percent against the euro and 0.81 percent against the Australian dollar.

In the Asian trading today, the Canadian dollar fell to an 11-year low of 1.3132 against the U.S. dollar, from Friday's closing value of 1.3085. If the loonie extends its downtrend, it is likely to find support around the 1.33 area.

Against the Australian dollar and the yen, the loonie dropped to nearly a 2-week low of 0.9591 and a 6-day low of 94.44 from last week's closing quotes of 0.9554 and 94.59, respectively. The loonie may test support near 0.96 against the aussie and 93.00 against the yen.

The loonie edged down to 1.4411 against the euro, from Friday's closing value of 1.4370. On the downside, 1.45 is seen as the next support level for the loonie.

Looking ahead, PMI reports for July from major European economies are due to be released in the European session.

In the New York session, U.S. personal income and spending data for June, construction spending for June and manufacturing PMI reports for July are slated for release.

At 9:00 am ET Federal Reserve Board Governor Jerome Powell is expected to speak on "The Structure and Liquidity of Treasury Bond Markets" in a Brookings Institution Conference in Washington D.C, U.S.

Canadian banks will be closed in observance of Civic Day holiday.

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