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Euro holds gains versus Canadian dollar near 1.6100

EUR/CAD was supported after German retail sales growth missed expectations for August, even as upcoming German unemployment and inflation data are in focus.

Reported · Written up by our desk · Major Pairs

EUR/CAD edged higher during European trading on Wednesday, after the pair posted modest losses the prior day. FXStreet said the cross was trading around 1.6100 as the euro remained resilient despite mixed German consumer spending data for August.

German retail sales rose 1.3% month-on-month, below the estimated 2.0%, while July's contraction was revised to -3.2% from -3.4%. On an annualized basis, retail sales contracted by 0.4% in August after a 2.5% drop in July, according to FXStreet.

FXStreet noted that attention is shifting next to Germany's unemployment change for August and the preliminary September HICP inflation reading, with price pressures projected to accelerate to 3.1% year-on-year from 2.9% in August. The outlet also said upside for EUR/CAD could be limited if the commodity-linked Canadian dollar firms, supported by a rebound in oil prices after daily losses.

FXStreet added that crude gained momentum after US President Donald Trump denied willingness to ease sanctions on Iran despite Qatar's push for peace talks, though gains in oil later eased.

Latest closeWTI crude $93.42 ▲1.1%

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