EURCAD Euro vs Canadian Dollar

The Canadian dollar advanced against its most major rivals in European deals on Wednesday, as oil prices rallied after Iran signaled that it is ready for cooperation with OPEC nations to resolve the problem of global oversupply of oil.

"We support any form of dialogue and cooperation with OPEC member states, including Saudi Arabia," Iran's Oil Minister Bijan Zangeneh told Iran's Press TV.

Russia's largest oil producer Rosneft blamed the OPEC for lack of coordination among members to address the situation of excess oil supply existing in the market.

Rosneft's CEO Igor Sechin suggested that coordinated cuts by all producers by one million barrels per day would significantly support prices.

Traders await the Energy Information Administration's weekly inventory data due today, following yesterday's API data that showed a build of 2.4 million barrels in U.S. crude inventories.

Focus also shift towards semi-annual testimony from the Federal Reserve Chair Janet Yellen later today, which could shed more light on the Fed's policy outlook.

Deteriorating global outlook and volatility in financial markets since December have arose speculation that Yellen may concede about her change in plan to hike rate four times this year.

The loonie declined against most major rivals in Asian deals, as worries about global economic growth continued to weigh on investor sentiment.

In European deals, the loonie bounced off to 83.19 against the yen, reversing from a low of 82.11 hit at 11:30 pm ET. The next possible resistance for the loonie-yen pair is seen around the 84.00 zone.

Data from the Bank of Japan showed that Japan's producer prices fell 0.9 percent on month in January.

That missed forecasts for a decline of 0.7 percent following the 0.4 percent contraction in December.

The loonie rose to 1.3820 against the greenback and 1.5564 against the euro, from its early low of 1.3921 and near 3-week low of 1.5726, respectively. If the loonie extends rise, it may challenge resistance around 1.37 against the greenback and 1.55 against the euro.

On the flip side, the loonie declined to 0.9869 against the aussie, and held steady thereafter. The pair was valued at 0.9797 when it ended Tuesday's trading.

Looking ahead, the NIESR U.K. GDP estimate for January and U.S. Federal budget statement for January are due to be released in the New York session.

At 9:00 am ET, European Central Bank Board member Peter Praet will deliver keynote speech at the "Lender of Last Resort: An International perspective" conference organized by Harvard University in Washington.

At 1:30 pm ET, Federal Reserve Bank of San Francisco President John Williams is scheduled to speak before the 2016 National Interagency Community Reinvestment Conference, "Pathways to Economic Opportunity," in Los Angeles.

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