The euro extends a three-day rally against the loonie, driven by weaker crude prices weighing on the commodity-sensitive Canadian currency.
The euro climbed to 1.6180 against the Canadian dollar during European trading on Wednesday, marking its third consecutive day of gains. The move reflects pressure on the loonie as crude oil prices decline, hurting the commodity-linked currency.
EUR/CAD has advanced steadily this week, supported by broader weakness in the Canadian dollar. Oil prices, a key driver for CAD, have softened amid concerns over global demand and oversupply.
No immediate market reaction was reported, though the cross remains near session highs as traders monitor energy markets and macroeconomic data.