EUR/CAD Currency Cross Strengthens Amid Weakening CAD and Eurozone Inflation Data

The EUR/CAD currency cross strengthened on Thursday after the release of Eurozone Harmonized Index of Consumer Prices (HICP) data for August.

The monthly HICP rose 0.4% MoM, matching the previous period's increase, while annual inflation eased slightly to 3.2% compared to the expected 3.3% reading.

The EUR/CAD cross is also gaining ground due to weakness in the commodity-linked Canadian Dollar (CAD), which has been dragged down by falling crude oil prices.