EUR/CAD slips below 1.6150 as Oil prices rise on supply concerns
- EUR/CAD weakens as the Oil-linked Canadian Dollar gains support from rising crude prices.
- WTI climbs on supply disruption fears amid persistent US-Iran tensions.
- The Euro gains after the EU paused a US trade deal following a Supreme Court ruling.
EUR/CAD depreciates after registering gains in the previous two consecutive sessions, trading around 1.6140 during the European hours on Tuesday. The currency cross loses ground as the commodity-linked Canadian Dollar (CAD) receives support from higher Oil prices, given Canada’s status as the largest crude exporter to the United States (US).
West Texas Intermediate (WTI) Oil price remains stronger for the second successive session, trading around $66.70 per barrel at the time of writing. WTI price remains close to a six-month high of $67.23, reached on February 23.
Crude Oil prices rise on concerns about potential supply disruptions amid fears of military escalation in the Middle East. US President Donald Trump said on Monday that he prefers a diplomatic agreement with Iran, as negotiations are scheduled to resume on Thursday in Geneva, but warned of a “very bad day” for Tehran if a nuclear deal is not reached.
The EUR/CAD cross gained ground as the Euro (EUR) found support after the European Parliament paused ratification of the US-EU trade deal, following a Supreme Court ruling that struck down several of Trump’s second-term levies.
The Euro also strengthened after Germany’s IFO Business Climate Index rose to 88.6 in February, a six-month high that exceeded forecasts and January’s reading. Investors now look to upcoming Harmonized Index of Consumer Prices (HICP) data from Germany and the Eurozone for clearer guidance on price pressures and the European Central Bank’s (ECB) policy outlook.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | 0.14% | 0.94% | 0.04% | -0.14% | -0.09% | 0.20% | |
| EUR | -0.12% | 0.02% | 0.83% | -0.07% | -0.26% | -0.21% | 0.08% | |
| GBP | -0.14% | -0.02% | 0.82% | -0.09% | -0.28% | -0.22% | 0.07% | |
| JPY | -0.94% | -0.83% | -0.82% | -0.88% | -1.07% | -1.02% | -0.73% | |
| CAD | -0.04% | 0.07% | 0.09% | 0.88% | -0.19% | -0.13% | 0.16% | |
| AUD | 0.14% | 0.26% | 0.28% | 1.07% | 0.19% | 0.06% | 0.34% | |
| NZD | 0.09% | 0.21% | 0.22% | 1.02% | 0.13% | -0.06% | 0.29% | |
| CHF | -0.20% | -0.08% | -0.07% | 0.73% | -0.16% | -0.34% | -0.29% |
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.
