EUR/CAD maintains its position after three days of gains, trading around 1.6170 during the European hours on Thursday.
The currency cross remains steady as the Euro (EUR) moves little following a surprisingly upbeat economic data out of Germany
The September GfK Consumer Confidence Survey improved significantly to -26.6, climbing from -29.4 in August and soundly beating market forecasts that had anticipated a slight dip to -29.6. Looking ahead, traders are turning their focus to the release of the ECB’s Monetary Policy Meeting Accounts due later in the day, which will be thoroughly analyzed for fresh insights regarding the Eurozone’s interest rate trajectory. Additionally, the EUR/CAD cross receives support as the commodity-linked Canadian Dollar (CAD) struggles amid lower oil prices.
West Texas Intermediate (WTI) oil price trades around $81.10 per barrel at the time of writing. Crude oil prices decline amid signs of diplomatic progress in the Middle East. Iran and Oman reached an agreement over each country’s share of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that reopening the crucial waterway would require more than an agreement with Oman.