- EUR CAD rate drops to 1.42 – CAD EUR exchange rate hits 0.70
- Euro demand solidifies after German unemployment data – Higher than expected jobs gain seen
- Canadian Dollar rallies on oil news – OPEC meeting result boosts world crude oil costs
Against the odds, OPEC members have finally agreed upon an oil production cut today, which has sent the Canadian Dollar rallying against the Euro as a result.
Additional Canadian support has come from the homefront, where Q3’s GDP growth rates have risen considerably out of negative ranges on the quarter.
(Last updated November 30th, 2016)
Demand for the Canadian Dollar has been cautious today, in the wake of the wildly fluctuating price of crude oil due to OPEC meetings.
Euro Exchange Rate News: Euro Demand Remains Steady on German Unemployment Stats
The Euro Canadian Dollar exchange rate has trended tightly in the region of 1.43 today. Overall, Euro demand has been fairly high on account of the latest German unemployment rate figures.
Although the rate of unemployment in November has remained at 6%, the latest -5k drop in the number of unemployed persons has exceeded prior forecasts of a -3k reduction.
Other Eurozone announcements of note have included rising November business confidence in Spain, as well as a slight increase in annual French preliminary inflation
Canadian Dollar Demand Edges Up ahead of Turbulent OPEC Meeting
The Canadian Dollar Euro exchange rate has remained close to opening levels at around 0.69, while other pairing movements have been cautious in the extreme due to volatile oil price movements.
The source of this mass-turbulence has been meetings between OPEC members in Vienna, which aim to agree on limiting production of oil in order to raise the price of the commodity.
In typical OPEC fashion, however, this has been easier said than done, with claims emerging on Tuesday that Iran wanted Saudi Arabia to cut production, without suggesting an Iranian production cut in exchange.
This has made the price of crude oil extremely volatile, which has eroded long-term confidence in the stability of the Canadian Dollar.
In Canadian news, Tuesday’s Q3 current account deficit reduced, though not by as much as expected.
Future EUR CAD Forecast: Eurozone Inflation and Canadian GDP in Focus Today
The next major Eurozone news will come in the near-term, consisting of November’s inflation rate flashes for the overall currency bloc. As it stands, a rise is forecast on both the month and the year.
Following on from this release in the early afternoon will be a potentially impactful speech from European Central Bank (ECB) President Mario Draghi.
Canada’s key releases will cover the GDP growth rate in Q3, which is currently set to rise out of negative ranges on both the quarter and the year.
Outside of this, any actual resolutions made by OPEC today could send the price of oil soaring, which would greatly benefit the Canadian Dollar.
Current Interbank Exchange Rates
The Euro Canadian Dollar (EUR CAD) exchange rate was trending in the region of 1.42 and the Canadian Dollar Euro (CAD EUR) exchange rate was trending in the region of 0.70 today.