EURCAD Euro vs Canadian Dollar

The Canadian dollar traded mixed against the other major currencies in European deals on Friday, after data showed that the Canadian economy shrank in February, led by declines in activity of goods producing industries.

Data from Statistics Canada showed that Canadian economy contracted 0.1 percent in February after expanding 0.6 percent in January. Economists were looking for a 0.2 percent fall.

Separate data showed industrial product price index dropped 0.6 percent on month in March, contradicting expectations for an increase of 0.5 percent. In February, the index fell 1.1 percent.

Crude oil prices rallied on the back of a weaker dollar and on hopes that dwindling U.S. oil production would help balance an oversupplied market.

The loonie was lower against most major rivals in Asian deals, amid rising risk aversion, following the sell-off on Wall Street overnight and as the Bank of Japan shocked financial markets by keeping its monetary policy steady despite multiple headwinds plaguing the economy.

In European deals, the loonie wobbled against the yen with the pair trading at 85.49, following a 10-day low of 85.38 hit at 4:20 am ET. The pair was worth 86.08 when it finished Thursday's trading.

Reversing from an early 10-month high of 1.2500 against the greenback, the loonie fell back to 1.2541. The loonie may locate support around the 1.27 region.

Data from the U.S. Commerce Department showed a slightly bigger than expected increase in personal income in March, while the personal spending rose less than expected.

The report said personal income climbed by 0.4 percent in March after inching up by a downwardly revised 0.1 percent in February.

Economists had been expecting income to rise by 0.3 percent compared to the 0.2 percent increase originally reported for the previous month.

The loonie weakened to a 2-day low of 1.4319 against the euro, off its prior high of 1.4230. Continuation of the loonie's downtrend may lead it to a support around the 1.46 mark.

Preliminary data from Eurostat showed that the euro area economic growth accelerated more than expected in the first quarter.

Gross domestic product climbed 0.6 percent from prior quarter, following a 0.3 percent rise in the fourth quarter. Economists had forecast the growth rate to improve marginally to 0.4 percent.

The loonie held steady against the aussie, after having advanced to 0.9543 at 6:45 am ET. At yesterday's close, the pair was worth 0.9567.

Looking ahead, U.S. Chicago PMI for April and the University of Michigan's final U.S. consumer sentiment index for April are set to be published in the New York session.

Euro vs CAD (FX:EURCAD)
Forex Chart
Von Mär 2024 bis Apr 2024

Euro vs CAD (FX:EURCAD)
Forex Chart
Von Apr 2023 bis Apr 2024