Improved PMI figures from Germany and the Eurozone bolster the Euro, pushing EUR/CAD to a near-term high.
The Euro extended gains against the Canadian Dollar, trading at 1.6240 during European hours on Wednesday. The rally follows the release of HCOB Purchasing Managers’ Index data, which showed stronger-than-expected activity in Germany and the broader Eurozone.
EUR/CAD has climbed steadily since July 24, supported by improving economic sentiment in the Eurozone. The PMI data, a key indicator of business activity, suggested resilience in manufacturing and services sectors, contrasting with recent concerns over economic slowdown.
The cross remains elevated as traders assess the implications of the data for European Central Bank policy. No immediate market reaction was reported beyond the price movement.