Canadian Dollar Advances On Higher Oil Prices

The Canadian dollar appreciated against its most major counterparts in the European session on Monday, as oil prices rose on strong China data and receding trade fears.

Crude for February delivery rose $0.02 to $60.00 per barrel.

The U.S. and China struck an interim trade deal, which includes suspending planned tariffs on Chinese goods as well as scaling back existing tariffs in exchange for Chinese structural reforms and purchases of U.S. goods.

President Donald Trump called the phase one deal an "amazing deal for all" and said negotiations on a phase two deal would be begin "immediately, rather than waiting until after the 2020 election."

The loonie climbed to a 10-day high of 1.4621 against the euro and near a 6-week high of 1.3128 against the greenback, from its early lows of 1.4669 and 1.3186, respectively.

Reversing from an early low of 82.89 against the yen, the loonie edged higher to 83.36.

The next possible resistance for the loonie is seen around 1.44 against the euro, 1.30 against the greenback and 85.00 against the yen.