The Canadian dollar advanced against its most major counterparts in the European session on Monday, as Saudi Arabia's decision to slash output by 1 million barrels per day lifted oil prices.

Crude for July delivery rose $1.71 to 73.45 per barrel.

Saudi Arabia announced extra output cuts from July in order to support the "stability and balance of oil markets."

With the latest move, the kingdom's output will drop to 9 million barrels per day from around 10 million barrels last month.

The Organization of the Petroleum Exporting Countries and its allies agreed to extend oil production cuts through the end of 2024 but will trim output target by another 1.4 million bpd after that.

The loonie climbed to more than a 3-month high of 1.4351 against the euro and more than a 6-month high of 104.58 against the yen, from its early lows of 1.4381 and 104.17, respectively. The loonie is likely to find resistance around 1.42 against the euro and 106.00 against the yen.

Against the aussie, the loonie was up at 0.8851. The loonie is seen finding resistance around the 0.865 level.

In contrast, the loonie moved down against the greenback, with the pair trading at 1.3446. If the currency slides further, 1.36 is possibly seen as its next support level.

Looking ahead, U.S. factory orders for April will be released in the New York session.

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