Reversing direction, the Canadian dollar weakened against its major counterparts in early European deals on Monday.

The loonie dropped to 4-day lows of 1.5160 against the euro and 0.9678 against the aussie, from its early highs of 1.5119 and 0.9644, respectively.

The loonie retreated to 1.2851 against the greenback and 88.21 against the yen, from its previous highs of 1.2831 and 88.45, respectively.

If the loonie extends decline, it may locate support around 1.30 against the greenback, 87.00 against the yen, 0.98 against the aussie and 1.54 against the euro.

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