The Canadian dollar spiked up against its most major counterparts in early European deals on Friday.

The loonie advanced to 1.2895 against the greenback and 1.5888 against the euro, from its early lows of 1.2940 and 1.5943, respectively.

The loonie rose to 81.50 against the yen, off its early 4-day low of 80.91.

The next possible resistance for the loonie is seen around 1.26 against the greenback, 1.56 against the euro and 84.00 against the yen.

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