The Euro recovers against the Canadian Dollar as ECB hawkishness and declining oil prices lift the currency pair above a six-day low.
EUR/CAD climbed to 1.6080 during European trading hours, ending a six-day decline. The pair gained support from the European Central Bank’s hawkish stance amid improving Eurozone macroeconomic conditions.
Prior to the rebound, the cross had fallen for six consecutive sessions, pressured by a stronger Canadian Dollar and rising oil prices. Consensus expectations had leaned toward a continued slide, but the ECB’s policy outlook provided a catalyst for the reversal.
Lower oil prices also weighed on the Canadian Dollar, as crude exports remain a key driver of Canada’s currency. The shift in sentiment highlights the Euro’s resilience against commodity-linked peers.