Euro falls against Canadian Dollar as surging oil prices overpower strong German data
EUR/CAD continues its losing streak for the third successive day, trading around 1.5920 during the European hours on Wednesday. The currency cross is under downward pressure as the Euro (EUR) faces headwinds despite a stronger-than-expected rebound in German industrial performance.
The Euro (EUR) continued its downward trend against the Canadian Dollar (CAD) for a third consecutive day on Wednesday, hovering around 1.5920. Despite solid German industrial data, the currency faced downward pressure due to broader market sentiment. German factory output increased by 2% in September, surpassing expectations and reversing the previous month's 1.2% decline.
However, the positive industrial performance was overshadowed by geopolitical tensions in the Middle East, pushing oil prices above $100 per barrel. This energy price surge revived inflation fears and dampened growth prospects across the Eurozone, adding to the Euro's struggles. Rising crude prices bolstered the Canadian Dollar (CAD) at the expense of the Euro, as investors seek safety in commodity-linked currencies amid ongoing global energy risks.
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