The Canadian dollar declined against the U.S. and Australian counterparts in the European session on Wednesday, as oil prices dropped after the Organization of Petroleum Exporting Countries postponed a meeting to decide on output cuts.

Crude for January delivery fell $3.41 to 74.36 per barrel.

The meeting has been delayed to November 30 amid Saudi's dissatisfaction with the oil production levels of other member countries of the group.

A stronger dollar also weighed on prices. The dollar rebounded from 2-1/2-month low after the FOMC (Federal Open Market Committee) meeting minutes largely reaffirmed the U.S. central bank's more cautious stance on interest rates.

Minutes from the Fed's last rate-setting meeting showed officials expect to keep interest rates at a restrictive level for "sometime" and raise interest rates if progress in controlling inflation faltered.

The loonie touched 1.3765 against the greenback, setting a 5-day low. Next key support for the currency is possibly seen around the 1.40 level.

The loonie eased to 0.9012 against the aussie, from an early 2-day high of 0.8954. The loonie may locate support around the 0.92 mark.

In contrast, the loonie rose to a 2-day high of 108.82 against the yen and a 5-day high of 1.4932 against the euro, off its early lows of 108.04 and 1.4986, respectively. The next possible resistance for the currency is seen around 113.00 against the yen and 1.47 against the euro.

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