EUR/CAD climbs above 1.6200 as Oil slips, Euro steadies

EUR/CAD edges higher as the commodity-linked Canadian Dollar weakens amid softer Oil prices.
WTI price drops as the API Weekly Crude Oil Stock rose by 4.4 million barrels last week.
The Euro steadies as traders expect the ECB to adopt a cautious stance.

Akhtar Faruqui FXStreet

EUR/CAD rebounds after three days of losses, trading around 1.6210 during the Asian hours on Tuesday. The currency cross gains ground as the commodity-linked Canadian Dollar (CAD) comes under downward pressure amid lower crude Oil prices.

West Texas Intermediate (WTI) Oil price halts its four-day winning streak, slipping to near $60.50 per barrel at the time of writing. Crude Oil prices weakened following another inventory build in the United States (US).

The latest American Petroleum Institute (API) report showed US crude stocks rising by 4.4 million barrels last week, the third straight weekly increase and the largest in over five months. The data, along with the IEA’s projection of a record surplus in the coming year, reinforced worries that global supply may outstrip demand.

However, the upside of the EUR/CAD cross could be restrained as the Canadian Dollar (CAD) may gain support as traders expect the Bank of Canada (BoC) to adopt a cautious stance in near-term policy decisions.

The BoC core prices stayed close to the 3% mark in October, with unemployment at 6.9%, and wage growth around 4%, reinforcing the central bank’s cautious stance. Markets widely expect the BoC to keep interest rates unchanged through the end of 2026.

The EUR/CAD cross also draws support as the Euro (EUR) maintains its position amid the cautious sentiment surrounding the near-term European Central Bank’s (ECB) monetary policy outlook. The ECB is widely expected to keep rates unchanged, supported by stable economic performance and inflation near target.

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.03%	0.05%	-0.14%	0.12%	0.41%	0.53%	0.05%
EUR	0.03%		0.07%	-0.11%	0.15%	0.44%	0.55%	0.08%
GBP	-0.05%	-0.07%		-0.16%	0.07%	0.37%	0.49%	-0.00%
JPY	0.14%	0.11%	0.16%		0.24%	0.54%	0.65%	0.17%
CAD	-0.12%	-0.15%	-0.07%	-0.24%		0.30%	0.40%	-0.08%
AUD	-0.41%	-0.44%	-0.37%	-0.54%	-0.30%		0.12%	-0.37%
NZD	-0.53%	-0.55%	-0.49%	-0.65%	-0.40%	-0.12%		-0.48%
CHF	-0.05%	-0.08%	0.00%	-0.17%	0.08%	0.37%	0.48%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

AUD/USD: The 0.7000 region holds the downside, for now

AUD/USD has started the week in a negative fashion, giving away part of Friday’s uptick and refocusing on the downside. The pair’s daily decline has come on the back of the another firm performance of the Greenback, although it has met some decent contention near the 0.7000 neighbourhood.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold holds on just above $4,000

Gold clings to daily gains, leaving behind two daily drops in a row and reclaiming the key $4,000 mark per troy ounce and above on Monday. The better tone in the US Dollar and mixed US Treasury yields accompany the precious metal’s uptick, while declining crude oil prices appear to sustain the bounce for now.

Bitcoin vs Gold: BTC springs above $80K as XAU tops $4,000 amid low compressed volatility

Bitcoin (BTC) is bouncing back above $80,000 on Monday, while Gold (XAU/USD) is springing above the pivotal $4,000 level, up a modest 0.34% and 0.64%, respectively. Both assets are advancing amid low volatility as market participants position ahead of the Federal Reserve’s (Fed) decision on Wednesday and earnings from several major tech companies.

Everyone's bracing for a hawkish central bank week. Here's why the surprise could be dovish

Five of the world's major central banks are preparing to announce monetary policy decisions this week, with investors increasingly anticipating higher interest rates as the global energy shock continues to push inflation above target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.