EURCAD Exchange Rate

The Canadian dollar moved down against its major counterparts in the New York session on Wednesday, following the release of weak retail sales data for February.

Germany's business sentiment strengthened for the third straight month to a near one-year high in April on a notable improvement in confidence among service providers. The business confidence index climbed to 89.4 in April from a revised 87.9 in March, monthly survey results from the ifo Institute showed on Wednesday. This was the highest score since May 2023, when the reading was 91.4.

The euro area private sector expanded the most in nearly a year in April as the continuing downturn in the manufacturing activity was offset the strength in the service sector, flash survey results from S&P Global showed on Tuesday. The composite output index registered 51.4 in April, up from 50.3 in March. The reading stayed above economists' forecast of 50.8.

Commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Monday amid risk appetite, as fears of a wider conflict in the Middle East ebbed.

This episode shines a spotlight on EURUSD, GBPUSD, EURCAD, and WTI Oil. Discover the ins and outs of energy prices and gain insights into Federal Reserve Chair Powell's latest statements.

USD: Still on track; The headline figure for August payrolls proved to be slightly stronger than anticipated. However, this positive development was offset by downward revisions to previous months' data.

USD: Less pain, more gain recently, the financial markets have been centered around two main themes: the resilience of the United States and the challenges faced by China. While these factors have varying impacts on different types of assets, in the realm of foreign exchange (FX), they generally converge into one outcome—a stronger Dollar.