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Euro to Canadian Dollar (EUR/CAD) Exchange Rate hit session high before falling back on trade deficit data

Euros

The Euro climbed to a session high against the Canadian Dollar on Thursday after a report showed that the North American nation’s trade deficit widened for a third consecutive month in December.

According to the Ottawa based Statistics Canada, the nation’s trade deficit widened to C$1.66 billion in December from November’s figure of C$1.53 billion. Economists had been expecting the deficit to narrow to C$1 billion. Imports rose by 1.2 % to a post a record of C$41.4 billion as energy shipments jumped 22.6% to C$3.95 billion, Statistics Canada said. Exports rose 0.9% to C$39.7 billion, as a 4.5% decline in energy was offset by gains that included a 19.5% rise in metal ores.

The ‘Loonie’ found some support after a PMI for January came in at 56.8, beating economist forecasts for a figure of 51. The figure was significantly better than the 46.3 level recorded in December. Following the release of the data the ‘loonie’ erased losses against the US Dollar and other peers.

The Euro pushed higher against a basket of currencies earlier in the session after ECB President Mario Draghi said that the risk from upside and downside inflation remained limited, easing investor concerns. Draghi said at the press conference which followed the rate announcement that the Bank has not seen any sign of falling investment which would suggest that people were expecting deflation.

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,1.3600 ,
Euro,,British Pound,0.8330 ,
Euro,,Canadian Dollar,1.5079 ,
Euro,,Australian Dollar,1.5175 ,
[/table]

As of 16:00 pm GMT