EUR/CAD Slumps as Canadian Dollar Gains from Oil Price Surge

The EUR/CAD exchange rate dipped to about 1.6060 on Monday, down 0.17% for the day, as the Canadian Dollar gained support from firmer oil prices.

Canada's Consumer Price Index (CPI) rose 3% year-over-year in August, matching July and expectations, but fell 0.1% month-over-month after a 0.5% gain in July.

The Bank of Canada recently kept its policy rate at 2.25%, citing headline inflation hovering around 3% largely due to higher petrol prices.

Oil prices added fresh impetus to the Canadian Dollar, with WTI crude trading near $100 per barrel, a 15% surge this month, following a drone attack on Saudi Arabia's East-West pipeline, which officials said will be out of service for several weeks.