Another data light day for the Canadian Dollar and its pairings finds its only exception in EUR/CAD today, with significant releases expected in the Eurozone economy.
Import and export data will be published for both Germany and France, and the data for the second quarter GDP figures in the Eurozone will be published. EUR/CAD levels got a welcome boost ahead of these data releases, as markets saw a teaser in the form of strong German Industrial Production figures – which came in showing higher than expected growth at 0.5% for the year. Markets seem to think this will translate into strong German trade data released today, and with the German economy accounting for more than 30% of the Eurozone as a whole, I would not be surprised to see GDP figures come in higher than the 0.3% growth forecasted for GDP growth in the Eurozone as a whole.
EUR/CAD may be looking to test higher boundaries today, back towards the 2 year highs around 1.51 seen a few weeks ago. Anyone looking to buy CAD with Euros can contact me for a free quote on [email protected] for a free quote on your transfer and tailored advice on how to manage any moves in your favour.
Interestingly enough this data was expected to come in extremely poorly, it was only a few weeks ago that German politicians sought to disquiet market rumours.