The Canadian dollar fell against its major counterparts in European trading on Monday, as oil prices declined on a high dollar, rising oil rig counts in the U.S. and renewed concerns over supply glut on prospectus of increased crude exports from Iraq and Nigeria.

Crude for October delivery dropped $1.33 to $47.78 per barrel.

Commodities declined on a high dollar, which was boosted by hawkish comments from Federal Reserve vice chairman Stanley Fischer reviving hopes of a U.S. rate hike as soon as September.

Data from Baker Hughes showing eighth consecutive weekly rise in oil rig counts also undermined crude. The number of oil rigs in U.S. rose by 10 to 406 last week, according to weekly rig count report.

Investors became skeptical that the OPEC meeting next month is unlikely to result in any concrete actions to stabilize oil markets, amid differences among some oil-producing nations.

The loonie showed mixed trading against its major rivals in Asian deals. While the loonie fell against the aussie and the greenback, it rose against the yen. Against the euro. it held steady.

The loonie retreated from an early high of 78.19 against the yen, edging down to 77.75. The loonie is seen finding support around the 76.00 mark.

Data from the Japan Chain Stores Association showed that Japan's supermarket sales recovered in July.

Supermarket sales, after adjustment, increased 0.2 percent in July from a year ago, reversing a 0.5 percent drop in June.

The loonie declined to a weekly low of 1.2936 against the greenback, 11-day low of 1.4611 against the euro and a 4-day low of 0.9836 against the aussie, off its early highs of 1.2871, 1.4561 and 0.9786, respectively. If the loonie slides further, it may find support around 1.30 against the greenback, 1.47 against the euro and 0.99 against the aussie.

Looking ahead, Canada wholesale sales data for June is due to be released at 8:30 am ET.

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