* Aussie, Canadian dollar recover from multi-month lows
* Euro comes off six-month highs
* Dollar trims losses vs. yen
* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh
By Ritvik Carvalho
LONDON, May 5 (Reuters) - The Canadian and Australian dollars recovered from multi-month lows on Friday, trimming losses arising from a dip in oil prices, while the euro backed away from a six-month high ahead of Sunday’s presidential election in France.
The Canadian dollar hit a 14-month low and the Australian dollar touched a four-month trough, driven by a drop in oil prices overnight. Both recovered from those levels by midday in Europe, tracking a similar rebound in oil benchmarks.
Prices of a number of major commodities have sunk in the past two weeks, with traders pointing to a number of factors including concerns about growth and changes in leverage in China as well as fears of a continued glut in oil supplies. This has weighed on the currencies of the major commodities exporters.
The loonie - as traders call the Canadian dollar - last traded 0.2 percent lower at C$1.3771, having earlier slipped to C$1.3793 per U.S. dollar earlier, its weakest level since late February 2016.
The Aussie last traded 0.3 percent lower at $0.7388, after an earlier slide to $0.7393, its lowest since Jan. 11.
“We had obviously a continuation of the weakness in oil and a certain amount of risk aversion overnight,” said Kit Juckes, currency strategist with Societe Generale in London.
“(Those) moves have all quietened down.”
U.S. West Texas Intermediate (WTI) crude oil futures slid as much as 3 percent on the day before steadying.
The euro came off a six-month high of $1.0990 touched earlier in the day on expectations centrist candidate Emmanuel Macron will become France’s next president and see off far-right rival Marine Le Pen when the country votes this weekend.
Expectations that Macron will defeat Le Pen - who has said she wants to take France out of the euro - have underpinned gains for the euro of nearly 2.5 percent over the past two weeks.
An Elabe poll overnight showed Macron extending his lead to 24 percentage points, up by three compared with the equivalent previous poll.
The euro last traded 0.2 percent lower at $1.0960, still up half a percent for the week.
Valentin Marinov, head of G10 FX strategy at Credit Agricole in London, said the easing of political risk in Europe, should Macron prevail, could support the euro going forward.
A Macron win, he said, “will allow investors to refocus their attention on the rather resilient euro zone fundamentals at the moment, the improving growth outlook picture as a whole and indeed the fact that the European Central Bank will take more steps ever closer to tapering its quantitative easing purchases.”
The dollar turned positive versus the yen, to trade at 112.50 yen, after an overnight drop to 112.090, but still off a seven-week high of 113.045 yen set on Thursday.
Friday’s main event is the U.S. non-farm payrolls report, looked to for additional insight into the Federal Reserve’s likely interest rate trajectory through the end of the year.
For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Reporting by Ritvik Carvalho; additional reporting by Tokyo Markets Team; Editing by Mark Heinrich)