When the external magnetic flux through a coil of wire changes with time, the current that is induced produces a magnetic field that attempts to cancel this change

True or false?

Yes, it's true.

Explanation:

Yes, it is true.

Lenz's law is a common way to understand how electromagnetic circuits obey Newton's third law and the conservation of energy. Lenz's states that: "An induced electromotive force (emf) always gives rise to a current whose magnetic field opposes the change in original magnetic flux."

In this case, the induced current tries to oppose the change in external magnetic flux which produces the induced current. So it is true.