The Canadian dollar lost ground against the other major currencies in European trading on Monday, as European shares fell on global growth worries, while oil prices slipped after meeting between OPEC producers Saudi Arabia and Venezuela failed to address stability in crude.

European shares are trading in red, as investors fretted over oil price volatility, slowing global growth and uncertainty over the Federal Reserve's monetary policy.

Risk-off mood prevailed after results of a survey by Sentix revealed that Eurozone investor sentiment weakened for the second straight month to the lowest since early 2015.

The investor sentiment index dropped more than expected to 6 in February from 9.6 in January. Economists forecast the index to ease to 8.8.

Over the weekend, oil ministers from Saudi Arabia and Venezuela discussed cooperation among OPEC and non-OPEC nations to bring stability in oil production, although no plans to cut output were agreed upon.

The loonie was modestly higher against the greenback, yen and the euro in Asian trades, as Asian stocks pared initial losses in thin holiday trading.

The loonie declined to 1.5549 against the euro, its lowest since January 26. If the loonie slides further, 1.58 is possibly seen as its next support level. At last week's close, the pair was valued at 1.5522.

Reversing from an early high of 1.3841 against the greenback, the loonie slipped to a session's low of 1.3918. On the downside, the loonie may find support around the 1.41 zone.

The loonie slid to nearly a 2-week low of 83.76 against the Japanese yen, compared to 83.92 hit late New York Friday. The loonie is seen finding support around the 82.00 mark.

Data from the Ministry of Finance showed that Japan registered a current account surplus of 960.7 billion yen in December, up 325.2 percent on year.

The headline figure was shy of expectations for 1,051.7 billion yen and down from 1,143.5 billion in November.

The loonie remained lower against the aussie, trading at 0.9863, off its early high of 0.9819. The pair was valued at 0.9828 when it ended Friday's trading. The next possible downside target for the loonie may be located around the 0.99 area.

Looking ahead, Canada housing starts for January and building permits for December and U.S. labor market conditions index for January are set to be published in the New York session.

At 12:05 pm ET, Bank of Canada Deputy Governor Timothy Lane will deliver a speech titled "Monetary Policy and Financial Stability—Using the Right Tools" at the HEC Montreal.

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