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The Canadian dollar drifted higher against its major opponents the European trading session on Friday, as oil prices rallied on hopes that the Organization of the Petroleum Exporting Countries and its allies could agree further output cuts when they next meet, possibly as early as this month.

Benchmark Brent crude for March delivery rose $0.70 to $52.12 per barrel.

Media reports showed that OPEC and its allied producers are considering cutting output by up to 2.3 million barrels per day after oil demand in China plunged because of travel restrictions to and from the country and quarantines within it.

Concerns over the coronavirus outbreak receded somewhat after the World Health Organization said there was no major shift in the coronavirus's pattern of mortality or severity, despite a dramatic increase in Hubei province.

On the trade front, the United States and China have lowered tariffs on each other's goods today as part of the "Phase One" trade agreement.

The currency has been trading in a positive territory in the Asian session, except the aussie.

The loonie edged up to 82.96 against the yen, following a fall to 82.70 at 6:30 pm ET. The loonie is likely to face resistance around the 85.00 region, if it gains again.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity declined unexpectedly in December.

The tertiary industry activity index fell 0.2 percent month-on-month in December. Economists had forecast a 0.1 percent rise.

The loonie spiked up to a 2-day high of 1.3238 against the greenback, from yesterday's closing value of 1.3267. The loonie is seen finding resistance around the 1.30 mark.

The Canadian currency hit 1.4351 against the euro, its highest since April 2017. Immediate resistance for the currency is likely seen around the 1.42 level.

Preliminary figures from Destatis showed that German economy stagnated in the fourth quarter of 2019 amid slower consumption and weaker exports.

Gross domestic product was unchanged from the previous quarter on a seasonally and calendar-adjusted basis. Economists had forecast 0.1 percent growth.

The loonie that closed Thursday's trading session at 0.8915 against the aussie climbed to a 4-day high of 0.8889. On the upside, the resistance is located at the 0.87 level.

Looking ahead, U.S. business inventories for December, University of Michigan's preliminary consumer sentiment index for February, retail sales, import and export prices and industrial production, all for January, will be featured in the New York session.