Euro remains stronger against Canadian Dollar as German Industrial output beats forecasts
EUR/CAD gains ground after two days of losses, trading around 1.6160 during the European hours on Friday. The currency cross maintains its strength as the Euro (EUR) holds its ground following the latest data release from Destatis.
The euro has strengthened against the Canadian dollar as German industrial production exceeded forecasts in June. Euro gained ground after two days of losses, trading around 1.6160 during European trading hours on Friday. Germany's industrial output rose by 0.2% month-on-month, surpassing expectations of a 0.1% increase. This marked a slowdown from May's revised 0.7% growth.
On a year-on-year basis, industrial output fell by 0.1% in June, after being flat in May. The European Central Bank decided to keep interest rates unchanged in its recent meeting. Analysts at Commerzbank noted that tight German Bund ranges are being tested as oil and gas prices rise, with the Strait of Hormuz reopening negotiations adding to geopolitical tensions.
Meanwhile, the Canadian Dollar drew support from a rebound in energy markets, with WTI oil prices holding steady around $77.00 per barrel.
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