Forex
EUR/CAD Continues Losing Streak as Euro Remains Subdued Amid Rising Oil Prices
The EUR/CAD cross continues its losing streak for the fourth day in a row, trading around 1.6080 during European hours on Tuesday.
Despite some positive domestic economic data showing Germany's HCOB Manufacturing PMI was revised up to 54.3 in August from July's 52.2, the Euro remains subdued and failed to gain traction.
The EUR/CAD cross is also under pressure due to the commodity-linked Canadian Dollar receiving strong underlying support from rising crude oil prices.
Energy markets have rallied following a fresh outbreak of military hostilities in the Middle East, which has reignited market anxiety over potential disruptions to key regional oil supply lines.