Euro Dips Against Canadian Dollar Amid US-Iran Tensions and Rising Oil Prices

The Euro has continued its downward trend against the Canadian Dollar for the fifth consecutive day, trading at around 1.6080 on Tuesday.

This decline comes as escalating US-Iran tensions heighten concerns over oil supply disruptions, weighing heavily on energy-dependent economies in the Eurozone.

As a result, inflation concerns have resurfaced, causing market expectations to shift towards a potential European Central Bank (ECB) rate hike. According to Deutsche Bank's Early Morning Reid, the likelihood of an ECB hike has increased to 90% by September, up from 85% last Friday.