Euro Holds Ground Against CAD Despite Mixed German Data

The Euro maintained its strength against the Canadian Dollar despite mixed economic data from Germany. Retail sales in Germany dropped by 1.1% month-on-month, which was steeper than forecasted, but manufacturing activity saw a significant improvement with factory performance rebounding to a four-month high.

The S&P Global Germany Manufacturing PMI reached 52.2 in July, up from 50.3 in June, while the Eurozone Manufacturing PMI edged up to 51.9 from 51.4 in June.

The decline in crude oil prices weighed on the Canadian Dollar as geopolitical tensions eased following US-Iran diplomatic talks. The EUR/CAD cross held its ground, remaining in positive territory and trading around 1.6180 during European hours on Monday.