Euro falls against Canadian Dollar amid higher oil prices

EUR/CAD faces downward pressure as the commodity-linked Canadian Dollar strengthens on rising oil prices.
Oil prices spiked as Trump rejected Iran’s latest peace proposal on Truth Social, calling the terms "totally unacceptable."
The Euro may stabilize as investors anticipate a hawkish European Central Bank stance and potential upcoming interest rate hikes.

Akhtar Faruqui FXStreet

EUR/CAD inches lower after three days of gains, trading around 1.6090 during the Asian hours on Monday. The currency cross struggles as the commodity-linked Canadian Dollar (CAD) gains ground amid higher oil prices, given Canada’s status as the largest crude exporter to the United States (US).

West Texas Intermediate (WTI) oil price have surged toward $95.70 per barrel following President Donald Trump’s rejection of Iran’s latest peace proposal, which he labeled totally unacceptable on Truth Social. Meanwhile, global attention turns to Beijing this Wednesday, where Trump is scheduled to discuss the Iranian conflict and broader trade issues with Chinese President Xi Jinping.

The Middle East tensions have kept the Strait of Hormuz effectively closed, driving significant gains for the commodity-linked Canadian Dollar (CAD) as Canada maintains its position as the primary crude exporter to the United States (US).

While the EUR/CAD cross has struggled under the weight of rising energy costs, the Euro (EUR) may soon find a floor as market participants pivot toward a hawkish European Central Bank (ECB) outlook. With a 25-basis-point hike anticipated in June and a total of three increases expected by the end of 2026, the policy shift could provide necessary support for the Euro.

Euro Price Today

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

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.11%	0.24%	0.27%	-0.03%	0.06%	0.29%	0.24%
EUR	-0.11%		0.13%	0.15%	-0.17%	-0.04%	0.18%	0.13%
GBP	-0.24%	-0.13%		0.02%	-0.29%	-0.17%	0.05%	-0.00%
JPY	-0.27%	-0.15%	-0.02%		-0.30%	-0.16%	0.03%	-0.03%
CAD	0.03%	0.17%	0.29%	0.30%		0.13%	0.29%	0.27%
AUD	-0.06%	0.04%	0.17%	0.16%	-0.13%		0.21%	0.16%
NZD	-0.29%	-0.18%	-0.05%	-0.03%	-0.29%	-0.21%		-0.03%
CHF	-0.24%	-0.13%	0.00%	0.03%	-0.27%	-0.16%	0.03%

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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