The euro edges up against the Canadian dollar near 1.6070 despite rising oil prices weighing on the commodity-linked CAD.
The euro regained ground against the Canadian dollar on Monday, trading around 1.6070 after losing over 0.5% in the previous session. The currency pair rose despite higher oil prices, which typically support the commodity-linked Canadian dollar.
EUR/CAD had faced downward pressure in recent trading but reversed course during European hours. The Canadian dollar struggled to capitalize on rising oil, a key export for Canada, as broader market dynamics favored the euro.
No immediate market reaction was reported, with the pair stabilizing near the 1.6070 level.