The Canadian dollar climbed against most major currencies in early Asian deals on Wednesday, as oil prices rose ahead of weekly data on the U.S. crude oil inventories due later in the day.
Traders expect the Energy Information Administration to show a decline in crude supplies of 3 million barrel for the week ended December 6.
The data from the American Petroleum Institute showed late Tuesday that crude supplies fell to 7.5 million barrels last week.
Crude for January delivery rose 1.17 cents or 1.19 percent to $98.51 per barrel at 9:42 pm ET.
Meanwhile, Asian stocks are down despite budget negotiators in the U.S. Congress reaching a deal on federal spending. If approved by the House and Senate, the agreement would end a disastrous repeat of another government shutdown for the next two years.
The loonie rose to 97.07 against the yen, nearing Tuesday's highest level of 97.29 in nearly 3 months. Further gains could lead the loonie to face resistance around the 98.00 zone. At Tuesday's close, the pair was quoted at 96.90.
Core machine orders in Japan gained a seasonally adjusted 0.6 percent on month in October, the Cabinet Office said today - coming in at 807.2 billion yen.
The headline figure missed forecasts for a gain of 0.7 percent following the 2.1 percent contraction in September.
The loonie hit a 5-day high of 1.4578 against the euro, after having reached near 4-year low of 1.4646 on Tuesday. The next possible upside target for the loonie lies around the 1.44 zone.
The loonie which ended Tuesday's trading at 0.9709 against the aussie, reached as high as 0.9681. If the loonie climbs further, it may seek resistance around the 0.956 zone.
Consumer confidence in Australia fell sharply in December, according to survey results released today by Westpac Bank.
Westpac's Consumer Confidence Index fell to 105.0 for December, down from 110.3 in November, the lowest level since July 2013.
The loonie moved in narrow ranges against the U.S. dollar, trading between 1.0609 and 1.0602.
Looking ahead, German final inflation data for November is due in the European session.
