Euro Holds Gains Against CAD Amid Weak German Retail Sales

The Euro (EUR) has maintained its gains against the Canadian Dollar (CAD), trading around 1.6100 during European hours on Wednesday.

This comes despite weak German Retail Sales data, which grew only 1.3% month-on-month (MoM) in August, falling short of the estimated 2.0% expansion.

The modest increase in retail sales was attributed to a revision upward of July's sharp contraction to -3.2% from -3.4%, but on an annualized basis, Retail Sales contracted by 0.4% in August following a 2.5% drop in July.

Looking ahead, market focus shifts toward the upcoming German Unemployment Change for August and the preliminary Harmonized Index of Consumer Prices (HICP) data for September, where price pressures are projected to accelerate to 3.1% year-on-year from 2.9% in August.