German industrial production grew 0.2% in June, surpassing expectations, supporting the Euro against the Canadian Dollar.
EUR/CAD climbed to 1.6160 during European trading hours Friday, recovering from two days of losses. The Euro strengthened after German industrial production rose 0.2% month-on-month in June, beating the 0.1% estimate.
The gain marked a slowdown from May’s revised 0.7% increase, while year-on-year output fell 0.1% after holding flat in May. The European Central Bank kept rates unchanged, with markets pricing one more hike this year and a 40% chance of a second.
The Canadian Dollar’s upside may be limited by rising energy prices, though geopolitical uncertainty around Iran’s oil deal caps further gains.