EUR/CAD steadies near 1.6160 as holiday trading limits volumes

EUR/CAD remains silent as light volumes persist in the holiday-shortened week ahead of Christmas.
ECB’s Lagarde said policy is in a good place, with rates to remain steady for an extended period.
The commodity-linked CAD gains as Oil prices rise over potential supply disruptions.

Akhtar Faruqui FXStreet

EUR/CAD moves little after registering little gains in the previous session, hovering around 1.6160 during the early European hours on Monday. Volumes are expected to remain light as trading enters a holiday-shortened week ahead of Christmas.

The European Central Bank (ECB) kept its key policy rate on hold at 2.0% since June, and its latest pause last week also came with upgrades to growth and inflation forecasts. ECB President Christine Lagarde said that monetary policy is in a "good place" and rates will remain steady for a prolonged period.

The currency cross may come under pressure as the commodity-linked Canadian Dollar (CAD) draws support from rising Oil prices, given Canada’s status as the largest Oil exporter to the United States (US).

West Texas Intermediate (WTI) Oil trades near $57.00 per barrel at the time of writing. Crude Oil prices advance amid concerns over potential supply disruptions. Tensions between the US and Venezuela have escalated after the US reportedly pursued another vessel near Venezuelan waters following the seizure of two Oil tankers this month.

Meanwhile, traders remain focused on Eastern Europe, where Ukraine struck a Russian tanker in the Mediterranean Sea for the first time, after earlier attacks on Lukoil facilities in the Caspian Sea. On Sunday, US and Ukrainian officials said talks in Miami were “productive and constructive,” though no breakthrough was announced.

Euro Price Today

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

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.17%	-0.27%	-0.14%	-0.14%	-0.41%	-0.35%	-0.11%
EUR	0.17%		-0.11%	0.00%	0.03%	-0.25%	-0.19%	0.05%
GBP	0.27%	0.11%		0.13%	0.14%	-0.14%	-0.05%	0.16%
JPY	0.14%	0.00%	-0.13%		0.03%	-0.24%	-0.18%	0.06%
CAD	0.14%	-0.03%	-0.14%	-0.03%		-0.28%	-0.21%	0.03%
AUD	0.41%	0.25%	0.14%	0.24%	0.28%		0.06%	0.31%
NZD	0.35%	0.19%	0.05%	0.18%	0.21%	-0.06%		0.24%
CHF	0.11%	-0.05%	-0.16%	-0.06%	-0.03%	-0.31%	-0.24%

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.

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