Euro advances against Canadian Dollar as Eurozone Investor Confidence rises in August
EUR/CAD inches higher after three days of losses, trading around 1.6120 during the European hours on Monday. The currency cross is holding its ground, driven primarily by a resilient Euro (EUR) following positive Eurozone economic sentiment.
The Euro has gained ground against the Canadian Dollar as investor confidence in the Eurozone improved in August. The Euro remained strong, aided by a rise in the Eurozone's Sentix Investor Confidence data to 0.9, its first positive reading in five months. This contrasted with the negative sentiment that emerged in March due to the Middle East conflict.
The Canadian Dollar faced support from rising oil prices, but the Euro surged to 1.6120 during European trading hours, holding its position despite the commodity-linked currency.
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