The Canadian dollar firmed around 1.4700 levels against the euro, despite a better-than-expected Eurozone PMI data. Both manufacturing and services PMI data came positive. However, Canadian inflation data benefited loonie. It came at 0.5% in July, data showed Wednesday, compared with the decline of 0.2% last month. Weighing on the common currency is the ECB report with July minuets. Policymakers expressed concerns over slowing inflation and gloomy economic outlook. To boost the economy ECB will conduct a combination of actions: rate cuts, asset purchases, changes in the guidance on interest rates and support for banks. Markets expect at least 10 basis points rate cuts in September. The pair is moving indecisively with the support set on 1.4700 and resistance held at 1.4800.