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Euro rises versus Canadian dollar as German trade beats forecasts

EUR/CAD held near 1.6210 as Canada weakened on falling WTI crude, with oil pressured by renewed US-Iran strikes near the Strait of Hormuz.

Reported · Written up by our desk · Major Pairs

FXStreet reports EUR/CAD gained ground after two days of losses, trading around 1.6210 during European hours on Thursday.

The move was supported by stronger-than-expected German trade data. Germany’s trade surplus widened to €19.1 billion in May, the largest since February, beating forecasts of €14.8 billion, after an upwardly revised €14.7 billion surplus in April.

The data showed exports rose 0.9% month on month to a three-and-a-half-year high, while imports fell 2.5% to a three-month low, reversing April’s 1.1% gain.

FXStreet also links the lift in EUR/CAD to weakness in the Canadian dollar, which tracked falling oil prices. WTI was below $73.00 per barrel, though the article notes crude could swing if Middle East tensions intensify, citing another round of US and Iran military strikes over control of the Strait of Hormuz that left three people killed in western Iran, according to IRNA.

Latest closeWTI crude $81.23 ▼1.7%

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