The Canadian dollar weakened against the other major currencies in the late Asian session on Friday, as oil prices declined amid supply glut concerns, and after China reported a decline in industrial profits for the month of October.

Crude oil for January delivery are currently down $0.54 to $42.50 a barrel.

Data from the National Bureau of Statistics showed that the profits earned by Chinese industrial enterprises fell notably by 4.6 percent year-over-year in October, much faster than the 0.1 percent slight decrease in September.

The market focus to a meeting by the ministers from the Organization of the Petroleum Exporting Countries, due on December 4 at Vienna. Thursday, the Canadian dollar showed mixed performance against its major rivals. While the Canadian dollar held steady against the U.S. dollar, the yen and the euro, it rose against the Australian dollar.

In the late Asian session, the Canadian dollar fell to 2-day lows of 91.89 against the yen and 1.4155 against the euro, from yesterday's closing quotes of 92.17 and 1.4101, respectively. If the loonie extends downtrend, it is likely to find support around 91.00 against the yen and 1.44 against the euro.

Against the greenback, the loonie dropped to 1.3313 from yesterday's closing value of 1.3289. On the downside, 1.35 is seen as the next support level for the loonie

Meanwhile, the loonie rose to a 1-week high of 0.9584 against the Australian dollar, from an early low of 0.9632. The loonie may tests resistance near the 0.94 area.

Looking ahead, the second estimate of U.K. GDP data for the third quarter, U.K. index of services for September, Eurozone economic confidence index for November and German Gfk consumer sentiment for December are slated for release in the European session.

In the New York session, Canada industrial product price index for October is set to be published.

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