EUR/CAD Holds Around 1.6040 After German Factory Orders Beat

EUR/CAD declines after a bullish-gap open and holds around 1.6040 in early European hours on Friday as the euro steadies after Germany’s factory-orders print. That is the Friday 4 September 2026 stamp.

Germany’s July factory orders rose 2.5% month on month, beating a 0.3% forecast, after June’s 3.7% gain. Year on year, orders rose 13.1%, almost twice June’s 7.2%.

Macklem’s hawkish CAD color stays on this tape

Commerzbank, as reprinted there, has Bank of Canada Governor Tiff Macklem underscoring that inflation “remained too high” and that “upside risks had increased due to the conflict in the Middle East and the renewed escalation of the trade dispute with the US,” with higher energy prices able to spill into other goods and services. That is CAD-side force on this cross.

Eurozone retail sales and ECB’s Philip Lane were inbound color on that FO page — Friday’s live EZ Retail miss is the print tape.

EUR/JPY stall after the same FO is the yen-cross FO reaction — distinct from this EUR/CAD hold.

Post-print USD/CAD rise toward 1.3850 is the later CAD session tape — distinct from this EUR/CAD FO hold.

Informational only. Not trading advice, signals, or a guarantee of any market outcome.