CADJPY Canadian Dollar vs Japanese Yen

The Canadian dollar gained ground against its key counterparts in the early European session on Wednesday, as oil prices advanced on optimism that an OPEC meeting that began in Vienna would agree on a production deal to contain supply glut.

Crude for January delivery rose $2.17 to $47.40 per barrel.

Following yesterday's sell-off, oil prices rose over 1 percent after an Iraqi Oil Minister Jabbar al-Luaibi signaled a greater likelihood of an OPEC deal to cut production.

"There will be a cut, yes, definitely," he added.

Further underpinning oil was a report from the American Petroleum Institute showing an unexpected drop of 717,000 barrels in U.S. crude supplies for the week ended November 25. The Energy Information Administration will release official supply data later in the day.

Canada's GDP data for the third quarter is due later in the day. Economists expect a growth of 3.4 percent on quarter, compared to a 1.6 percent drop in the second quarter.

Investors also focus on U.S. reports on private sector employment, personal income and spending and pending home sales later in the day for more direction.

The loonie showed mixed trading in the Asian session. While the loonie rose against the euro and the yen, it held steady against the aussie. Against the greenback, it fell.

The loonie advanced to 84.41 against the Japanese yen, a level not seen since June 8. Continuation of the loonie's uptrend may see it challenging resistance around the 86.00 mark.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts increased at a faster pace in October.

Housing starts climbed 13.7 percent year-on-year in October, following a 10 percent rise in September. Economists had forecast growth to rise to 11 percent.

The loonie recovered to 1.3405 against the greenback, from a low of 1.3452 hit at 10:15 pm ET. The loonie is seen finding resistance around the 1.32 region.

The loonie reversed from an early 2-day low of 1.4317 against the euro, climbing to 1.4264. The next possible resistance for the loonie may be found around the 1.40 area.

Data from Destatis showed that Germany's unemployment rate decreased slightly in October.

The jobless rate fell to an adjusted 4.1 percent in October from 4.2 percent in the previous month. In the corresponding month last year, the rate was 4.5 percent.

The loonie spiked up to a 5-day high of 1.0004 against the aussie, off its early low of 1.0062. On the upside, 0.98 is likely seen as the next resistance level for the loonie.

Looking ahead, at 7:30 am ET, European Central Bank President Mario Draghi is expected to speak about the future of Europe at the University of Deusto Business School, in Madrid.

At 8:00 am ET, Federal Reserve Bank of Dallas President Robert Kaplan is expected to speak before the Economic Club of New York.

In the New York session, U.S. ADP private sector jobs data for November, U.S. personal income and spending data for October, U.S. Chicago PMI for November, U.S. pending home sales data for October, U.S. crude oil inventories data, Canada GDP data for September, industrial products and raw materials price indexes for October are set to be announced.

At 11:00 am ET, German Bundesbank President Jens Weidmann is expected to speak at the Axica Conference Center, in Berlin.

At 11:45 am ET, Federal Reserve Governor Jerome Powell will deliver a speech titled "The View from the Fed" at the Brookings Institution, in Washington DC.

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