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Euro to Canadian Dollar (EUR/CAD) Exchange Rate firmer as Euro finds support

Euros

The Euro to CAD Exchange Rate was trading firmer on Monday as the single currency found support from comments made by a European Central Bank policy maker, and as data from the region came in better-than-forecast.

The ‘Loonie’ continued to find support from last week’s data releases which showed that the North American economy created 42,900 jobs last month, smashing forecasts for a rise of 21,500. Another report showed that unemployment in Canada fell the 7% recorded in February to 6.9%, the first fall this year. Despite the data offering support the currency eased against the Euro and other peers such as the US Dollar and Pound.

Data released earlier in the session helped send the Euro higher. Despite coming in below forecasts, today’s Sentix sentiment index advanced for a fourth consecutive month to rise to a three-year high. The index rose to 14.1, the highest-level seen since April 2011, and was just below expectations for a figure of 14.2. Sentiment rose as investors maintained upbeat views on the performance of the German economy despite it losing some steam.

The single currency found more support from European Central Bank executive board member Yves Mersch who talked down the possibility of the ECB introducing a hoped for asset purchasing programme. He added that he sees no risk of an economically damaging fall in consumer prices despite recent data suggesting that the risk of deflation in the region is rising.

“The inflation and deflation risks are more or less level in EMU area which means that we do not see an imminent risk of deflation. However, we are ready to prepare for such a situation,” Mersch said.

Other data showed that industrial production in Spain and Germany increased more than expected in February.

Euro (EUR) Exchange Rates

[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,,US Dollar,1.3732 ,
Euro,,British Pound,0.8272 ,
Euro,,Canadian Dollar,1.5097 ,
Euro,,Australian Dollar,1.4835 ,
[/table]

As of 15:20 pm GMT