Euro struggles against Canadian Dollar as oil prices rebound
The post Euro struggles against Canadian Dollar as oil prices rebound appeared on BitcoinEthereumNews.com. EUR/CAD depreciates after four days of losses, trading around 1.6060 during the European hours on Tuesday. The currency cross loses ground as the commodity-linked Canadian Dollar (CAD) remains firm amid higher crude oil prices. It is important to note that Canada is one of the world’s largest producers and exporters of crude oil, with its energy sector making up a massive portion of its economy. West Texas Intermediate (WTI) oil price gains ground after four days of losses, trading around $92.50 per barrel at the time of writing. Crude oil prices advance on renewed supply concerns after the United States (US) forces conducted self-defense strikes in southern Iran on Monday. A US Central Command spokesperson said that the strikes targeted missile launch sites and Iranian vessels attempting to deploy mines. While the US military emphasized its commitment to protecting its forces and