EUR/CAD Steadies Following Germany's Strong Factory Orders Data

The EUR/CAD currency cross experienced a brief decline after opening at a bullish gap on Friday, but ultimately steadied at 1.6040 during the early European hours.

This stability followed the release of Germany's Factory Orders data, which revealed a significant increase in July, beating expectations and outpacing June's gains.

According to Commerzbank analysts, Bank of Canada Governor Tiff Macklem underscored that inflation 'remained too high' and highlighted rising energy prices as a concern for the bank's policy path.