The Canadian dollar strengthened against its most major rivals in Asian deals on Friday, as oil prices advanced following the death of King Abdullah bin Abdulaziz Saud of Saudi Arabia.

Crude for March delivery rose $0.81 to $47.12 a barrel.

Abdullah's half-brother Prince Salman bin Abdulaziz was named the new king of Saudi Arabia

Saudi Arabia is one of the biggest oil producer of the world. Investors are anxious over whether Saudi will change crude output during the succession.

U.S. crude oil ended sharply lower on Thursday, after a weekly official oil report from the Energy Information Administration showed crude stockpiles in the U.S. to have surged much more than expected last week, to an 80-year high.

EIA report showed crude oil inventories in the U.S. to have surged 10.1 million barrels in the week ended January 16, while analysts anticipated an increase of 2.5 million barrels.

The loonie strengthened to a 2-day high of 1.4035 against the euro, and held steady thereafter. The next likely upside target for the loonie is seen around the 1.39 zone. At Thursday's close, the pair was worth 1.4069.

The loonie advanced to 0.9912 against the euro, a 2-day high, and has been moving sideways thereafter. On the upside, 0.975 is seen as the loonie's next resistance level. The pair ended yesterday's trading at 0.9937.

The loonie firmed to a 2-day high of 96.09 against the Japanese yen at 6:30 pm ET, before easing back slightly in subsequent deals. The pair was worth 95.67 when it ended yesterday's trading.

Meanwhile, the loonie traded sideways against the U.S. dollar throughout Asian deals, moving between the 1.2395 and 1.2359 range. The pair finished Thursday's trading at 1.2378.

Looking ahead, PMIs from major European economies and U.K. retail sales for December are due in the European session.

U.S. existing home sales and leading indicators for December and Markit's manufacturing PMI for January, as well as Canada CPI for December and retail sales for November are set for release in the New York session.

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