Euro holds gains against Canadian Dollar despite weak German Retail Sales data
EUR/CAD inches higher after posting modest losses in the previous day, trading around 1.6100 during the European hours on Wednesday. The currency cross gains support as the Euro (EUR) remains resilient following mixed German consumer spending data for August.
The Euro (EUR) gained against the Canadian Dollar (CAD) despite weak German retail sales figures for August. The currency pair climbed to around 1.6100 during European trading hours on Wednesday, supported by the resilience of the Euro following mixed economic data. German retail sales grew by 1.3% month-on-month, below the estimated 2.0% expansion, while the annualized figure contracted by 0.4% in August.
Looking ahead, market attention will shift to the upcoming German unemployment change for August and preliminary Harmonized Index of Consumer Prices (HICP) data for September. Meanwhile, the Canadian Dollar could face upward pressure as oil prices recover, as US sanctions on Iran remain in place.
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