EUR/CAD rises for an eighth day to 1.6170 as Eurozone economic data counters Canadian dollar strength from oil prices.
EUR/CAD extended its rally to an eighth consecutive session, trading at 1.6170 in European hours on Tuesday. The euro’s resilience stems from improved market sentiment tied to Eurozone growth data, offsetting gains in the Canadian dollar driven by rising oil prices.
The currency pair has maintained upward momentum despite broader commodity-linked currency strength. Prior sessions saw EUR/CAD consolidate near 1.6150, with the euro benefiting from reduced recession fears in the bloc. The Canadian dollar, typically sensitive to oil price movements, has struggled to reverse the pair’s trend.
No immediate market reaction was reported, though the cross remains near multi-week highs.