The Canadian dollar strengthened against its major counterparts in New York morning trading on Thursday, as oil prices climbed after OPEC reached a deal to curb supplies.

Crude for January delivery rose $1.51 to $50.95 per barrel.

The Organization of the Petroleum Exporting Countries late Wednesday agreed to cut production by 1.2 million barrels a day.

The loonie spiked up to a 9-day high of 0.9879 against the aussie, while touching 85.66 against the yen, its strongest since April 25.

The loonie climbed to 1.3361 against the greenback and 1.4193 against the euro, off its early lows of 1.3439 and 1.4270, respectively.

If the loonie extends rise, it may find resistance around 87.00 against the yen, 1.40 against the euro, 0.97 against the aussie and 1.32 against the greenback.

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