EUR/CAD falls for three consecutive days: Strong German output still cannot offset oil prices supporting CAD

智通财经2026/10/07 09:17

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The euro has fallen against the Canadian dollar for the third consecutive trading day, hovering around 1.5920 during Wednesday’s European session. Despite Germany’s stronger-than-expected industrial performance, the euro remains under pressure, causing the EUR/CAD pair to continue its decline. Official data show that German industrial output surged by 2% month-on-month in September, far exceeding the market’s forecast of 0.5% and reversing August’s 1.2% decline. Year-on-year, industrial output rose by 2.3%, compared to a previous decrease of 1.6%. However, these strong economic figures were overshadowed by prevailing risk-averse sentiment, and the euro remained pressured. Escalating geopolitical tensions in the Middle East pushed Brent crude prices back above 100 dollars per barrel, sparking concerns over energy-driven inflation and a slowdown in eurozone economic growth. Rising oil prices provided solid support for the Canadian dollar, which is highly correlated with commodity prices, further weighing on the euro. As long as global energy supply risks continue to drive up oil prices, the strength of the Canadian dollar may continue to drag down the EUR/CAD exchange rate.

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