The Canadian dollar strengthened against its major counterparts in the Asian session on Thursday, as oil prices jumped after after U.S. President Donald Trump said that a price war between Saudi Arabia and Russia could end soon.

Crude for May delivery rose $1.83 to $22.14 per barrel.

Speaking at a White House press briefing on Wednesday, Trump said that he expected Saudi Arabia and Russia to reach a deal soon as he spoke with both countries' leaders.

"It's very bad for Russia, it's very bad for Saudi Arabia. I mean, it's very bad for both. I think they're going to make a deal," said Trump.

Asian markets are trading mixed as a dire warning about the U.S. coronavirus death toll added to fears about a steep slump in global economic activity.

It is worth noting that in little over 24 hours, the number of global coronavirus cases jumped from eight lakh to nine lakh while deaths neared 50,000.

The loonie advanced to 1.4078 against the greenback and 76.16 against the yen, after falling to 1.4196 and 75.42, respectively in early deals. The next possible resistance for the loonie is seen around 1.35 against the greenback and 80.00 against the yen.

The loonie appreciated to a 1-week high of 1.5420 against the euro, from a low of 1.5562 hit at 7:30 pm ET. The loonie is seen finding resistance around the 1.50 level.

The loonie edged up to 0.8590 against the aussie, from yesterday's closing value of 0.8612. On the upside, 0.84 is possibly seen as the next resistance level for the loonie.

Looking ahead, Eurozone PPI for February is due in the European session.

U.S. and Canadian trade data for February, U.S. weekly jobless claims for the week ended March 28 and durable goods orders for February are set for release in the New York session.

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