The euro gains against the commodity-linked Canadian dollar amid declining oil prices, trading near 1.5960 in European hours.
The euro strengthened against the Canadian dollar, trading at 1.5960 during European hours on Wednesday. The move follows modest losses in the prior session, driven by a decline in oil prices that weighed on the commodity-sensitive CAD.
EUR/CAD had previously faced downward pressure but recovered as oil markets softened. The Canadian dollar often correlates with crude prices, and recent easing in energy markets has reduced support for the currency.
No immediate market reaction was reported beyond the currency pair’s movement.