The Euro weakens against the Canadian Dollar as rising oil prices bolster the commodity-linked CAD near 1.6090.
The Euro declined against the Canadian Dollar, trading at 1.6090 during Asian hours after three consecutive days of gains. The move follows a rise in oil prices, which strengthened the CAD due to Canada’s role as the largest crude exporter to the U.S.
Earlier gains for EUR/CAD had reversed as oil markets rallied, increasing demand for the commodity-sensitive Canadian currency. The pair had previously climbed amid broader USD weakness but faced pressure as crude prices rebounded.
No immediate market reaction was reported beyond the currency pair’s movement.