The Australian and the Canadian dollars weakened against their major currencies in the Asian session on Thursday as the risk-averse investors digested disappointing corporate earnings results and the continued decline in crude oil prices. Crude oil prices slipped on Wednesday after the American Petroleum Institute or API reported that U.S. crude stocks rose by 4.8 million barrels.

Concerns over whether OPEC would reduce its production at its November meeting also weighed on the oil price demand. Russia and OPEC are dragging their feet over a planned reduction in output that would have helped to stabilize oil prices.

Interfax reports Russia is now against OPEC production cuts, while Iraq and others say they should be exempt.

In other economic news, the Australian Bureau of Statistics showed that export prices in Australia advanced 3.5 percent on quarter in the third quarter of 2016. That beat forecasts for an increase of 2.0 percent following the 1.4 percent gain in the previous three months.

Import prices were down 1.0 percent on quarter versus expectations for a 0.8 percent decline. They were unchanged from the second quarter.

Data from the National Bureau of Statistics showed that China's industrial profits grew only 7.7 percent year-on-year in September after expanding 19.5 percent in August. The increase in August was the fastest in three years.

Wednesday, the Australian dollar rose 0.70 percent against the U.S. dollar, 0.37 percent against the yen, and 0.76 percent against the euro. The Canadian dollar fell 0.10 percent against the U.S. dollar, 0.02 percent against the yen, and 0.55 percent against the euro

In the Asian trading, the Australian dollar fell to 2-day lows of 0.7622 against the U.S. dollar and 1.4304 against the euro, from yesterday's closing quotes of 0.7649 and 1.4256, respectively. If the aussie extends its downtrend, it is likely to find support around 0.75 against the greenback and 1.47 against the euro.

Against the yen, the Canadian, and the New Zealand dollars, the aussie dropped to 79.56, 1.0206 and 1.0655 from yesterday's closing quotes of 79.92, 1.0234 and 1.0690, respectively. The aussie may test support near 77.00 against the yen, 0.99 against the loonie and 1.05 against the kiwi.

The Canadian dollar fell to a 3-day low of 1.3395 against the U.S. dollar, from yesterday's closing value of 1.3379. The loonie may test support near the 1.35 region.

Against the yen and the euro, the loonie dropped to 77.89 and 1.4603 from yesterday's closing quotes of 78.08 and 1.4594, respectively. If the loonie extends its downtrend, it is likely to find support around 76.00 against the yen, and 1.48 against the euro.

Meanwhile, the safe-haven yen recovered from early losses against its major rivals on risk aversion.

The yen rose to 113.70 against the euro and 74.65 against the NZ dollar, from early lows of 114.17 and 74.85, respectively. If the yen extends its uptrend, it is likely to find resistance around 112.00 against the euro and 73.00 against the kiwi.

Against the pound, the U.S. dollar and the Swiss franc, the yen advanced to 127.42, 104.30 and 104.93 from an early 9-day low of 128.14, a 2-day low of 104.69 103.00 and a 1-week low of 105.35, respectively. The yen may test resistance around 125.00 against the pound, 103.00 against the greenback and 103.00 against the franc.

Looking ahead, Swiss UBS consumption indicator data for September is due for release in the pre-European session at 2:00 am ET.

Eurozone M3 money supply data for September and U.K. third quarter GDP data are slated for release later in the day.

At 6.00 am ET, the Confederation of British Industry is scheduled to release Distributive Trades survey results.

In the New York session, U.S. durable goods orders for September, U.S. weekly jobless claims for the week ended October 22, and U.S. pending home sales data for September are set to be published. At 1:00 am ET, European Central Bank board member Yves Mersch is expected to speak at the Hachenburg Conference organised by Hochschule der Deutschen Bundesbank in Hachenburg, Germany.

Later in the day, a number of EU commissioners and finance ministers are scheduled to meet to discuss Brexit, migration and economic growth at Globsec Tatra Summit in Bratislava.

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