EURAUD Extends Gains as Soft Canadian Data and Crude Slump Drag CAD Lower

The EUR/CAD cross continued its upward trend for a second consecutive day, trading near 1.6110 during early European hours on Friday.

This gain came despite weak German consumer sentiment, as measured by the GfK Consumer Confidence Survey, which fell to -30.6 for October from a revised -26.8 in September, its weakest level since May.

The Canadian dollar was also under pressure due to softness in crude oil prices, which declined amid reports that the United States and Iran are considering a phased agreement to reopen the Strait of Hormuz and lift the US blockade on Iranian ports.

Brent's premium over WTI widened as the risk of supply disruptions through the Strait of Hormuz continued to support the international benchmark.