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At about 4:40 pm ET, the Canadian dollar hit a low of 1.6015 against the euro, compared to Friday`s closing value of 1.5891.

Against the Japanese yen, the Canadian dollar started ticking down by about 2:15 am ET, Monday. The pair fell to 102.59 from 103.60 by about 4:30 am ET. The loonie-yen pair closed last week`s deals at 103.27.

Japan`s Ministry of Finance downwardly revised its regional economic assessment for the first time in more than six years. The Ministry added that economic conditions worsened in five of the eleven regions across Japan during January to March period. The Ministry noted that downside risks to the economy are increasing due to higher oil and raw material prices and slowing growth in U.S.

A report released by the Japanese Ministry of Economy, Trade and Industry revealed that the activity in Japan`s service sector declined a seasonally adjusted 1.7 percent in February when compared to the month before. The tertiary activity index for February registered 108.4, compared to a reading of 110.3 for January.

The Canadian dollar that closed Friday`s North American session deals at 0.9392 against the Aussie, weakened to a 1-week low of 0.9508 by about 4:40 am ET.

The Australian Bureau of Statistics reported that the country`s Producer Price Index (PPI) jumped 1.9 percent for the March quarter, the most rapid growth since the Bureau began tracking producer prices in 1998. Most economists were forecasting a monthly increase of 1.0 percent.

The PPI registered annual growth rate of 4.8%, compared to a 3.9% increase predicted by the analysts.