#eur/cad

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

The post Euro rises against Canadian Dollar due to lower oil prices, risk-on mood appeared on BitcoinEthereumNews.com. EUR/CAD extends its winning streak for the fourth consecutive day, trading around 1.6080 during the European hours on Monday. The currency cross is gaining ground as the commodity-linked Canadian Dollar (CAD) struggles due to lower oil prices, a direct result of Canada’s status as the largest crude exporter to the United States (US). Crude oil prices have dropped as supply fears ease, driven by rising optimism over a potential US-Iran agreement. Reports indicate that the United States and Iran are close to signing a deal involving a 60-day ceasefire extension. Under this proposed agreement, the Strait of Hormuz would be reopened, and Iran would clear mines it deployed in the waterway to allow ships to pass freely. In exchange, the United States would lift its current blockade on Iranian ports. Meanwhile, traders are awaiting speeches from European Central Bank (ECB) po