The Euro to Canadian Dollar (EUR/CAD) exchange rate firmed to a session high of 1.431 on Friday as the latest Growth Domestic Product (GDP) data for Germany and the wider Eurozone came in better than expected.
The Euro to Canadian Dollar Exchange Rate Hit A Session High of 1.431
Prior to the release of the GDP data, the Canadian Dollar had been trading higher against the Euro and a number of other major peers as a rally in oil prices supported the ‘Loonie’.West Texas Intermediate oil advanced by more than $2 and Brent Crude rose by $3. The cause for the rise in the commodity’s prices was a cut back in investment by oil companies and the disruption of oil exports from Kuwait following a dust storm.
The Euro then received a boost against the majority of its most traded peers from the release of GDP data out of Germany and other Eurozone members.
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