The Euro Canadian Dollar exchange rate has made a small advance during trading today, thanks to an overall positive spate of recent Eurozone confidence figures.
- EUR CAD trades at 1.40 – CAD EUR exchange rate drops to 0.71
- Euro supported by confident close to 2016 – Retail sales stats prove less positive
- Canadian Dollar drops along with gold prices – Mixed results for domestic prices in November
- Euro advantage expected on Monday’s jobs data – Decline due for CAD today with jobs losses forecast
Interest in the Canadian Dollar has waned on the last day of the week, with the afternoon’s CA data expected to trigger further gains for EUR CAD.
EUR CAD Exchange Rate Advances as Confidence Figures Provide Euro Boost
Demand has been amplified for the Euro Canadian Dollar exchange rate today, thanks to the outcome of December’s Eurozone-wide consumer confidence and business sentiment figures, among other similar measurements.
While consumer confidence has remained negative after an improvement from -6.2 to -5.1, business confidence has edged up from 0.42 to 0.8.
Less helpful to the Euro, however, have been the results of November’s retail sales, which have fallen into a negative range on the month and slowed from 3% to 2.3% on the year.
Interest in the Canadian Dollar Euro Pairing Fades as Negatively-Forecast Jobs Data Approaches
Ahead of the biggest Canadian data dump of the week, the Canadian Dollar has fallen against the Euro, owing to a lack of support coming from commodity prices.
While the cost of crude oil has levelled out on the WTI index to around $53.90 per barrel, the price of gold has been less inspiring with a tick down to $1178.5 per 100 ounces.
Previous Canadian data covered Thursday’s Producer Price Indexes for November, which show any changes in prices received by domestic manufacturers for their products.
In November, an annual rise was seen, though this was countered with a monthly drop from 0.7% to 0.3%.
Future EUR CAD Forecast: Drop in Eurozone Unemployment could Boost Euro Demand on Monday
The next EUR CAD-influencing data is set to come from Canada, consisting of this afternoon’s November trade balance and December unemployment rate and net change in employment figures and Ivey PMI.
Canadian trade forecasts are negative at present, with a deficit expansion expected from -1.13bn to -1.5bn.
The overall outlook on jobs in Canada is more mixed; the unemployment rate is expected to stagnate at 6.8%, but the change in employment has a loss of -3.1k jobs on the cards.
Further Canadian Dollar devaluation could come after the PMI result is announced; this is predicted to fall from 56.8 to 55.1.
Looking ahead to next week, the first big Eurozone news is expected to print positively, which could give EUR CAD an early boost.
Due to arrive on Monday morning, the Eurozone unemployment rate for November is expected to reduce from 9.8% to 9.7%, a development that is likely to boost support for the single currency on a week that also holds the accounts of the latest European Central Bank (ECB) meeting.
Current Interbank Exchange Rates
The Euro Canadian Dollar (EUR CAD) exchange rate was trending in the region of 1.40 and the Canadian Dollar Euro (EUR CAD) exchange rate was trending in the region of 0.71 today.
