Euro Slips vs. Canadian Dollar as German PMI Disappoints

The Euro (EUR) remains weaker against the Canadian Dollar (CAD) for the second consecutive day, trading around $1.6100 during European hours on Friday.

The EUR/CAD cross has depreciated due to the Euro's losses following the release of German Purchasing Managers' Index (PMI) data from Hamburg Commercial Bank and S&P Global.

According to the HCOB Composite PMI, Germany's flash composite figure pulled back to 51.0 in August from 51.3 expected, weighed down by a sharper contraction in the services sector.

The Services PMI fell deeper into contraction territory at 48.5, dropping from 49.8 previously and missing the 50.1 estimate, while the manufacturing sector provided a bright spot with the Manufacturing PMI surging to 54.1 in August.

The Canadian Dollar has received support from rising crude oil prices due to escalating tensions between the United States (US) and Iran over control of the Strait of Hormuz.