(RTTNews) - The Canadian dollar has been strengthening against most major currencies in the European session on Friday amid a gain in oil prices.
Crude for August delivery rose 0.72 cents or 0.84 percent to $86.80 per barrel at 6:52 am ET.
Oil prices gained after China's second-quarter GDP growth data matched economists forecast. China retail sales and industrial production slowed in June, fueling hopes that the country will take steps to stimulate its economy. The loonie rose to as high as 78.14 against the yen from Thursday's close of 77.86. The next upside target level for the loonie is seen at 78.5.
In economic news, Japan's industrial production declined more than estimated in May, final data from the Ministry of Economy, Trade and Industry showed today.
Industrial output was down 3.4 percent from a month ago, sharper than the 3.1 percent drop initially estimated. Annually, production grew 6 percent.
Against the U.S. dollar, the loonie hit a 1-week high of 1.0155 with 1.01 seen as the next upside target level. At Thursday's close, the greenback-loonie pair was worth 1.0193.
The loonie that closed yesterday's trading at 1.2440 against its European counterpart spiked up to a fresh multi-year high of 1.2390.
Spain's banks increased their borrowings from the European Central Bank in June, the Bank of Spain said today.
Gross borrowings of banks rose to EUR 365 billion from EUR 324.6 billion in May.
Looking ahead, the U.S. PPI for June and the Reuters/University of Michigan's preliminary report on consumer confidence for July are due in the early New York session.
