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EUR/CAD Surges on Hawkish ECB Expectations Amid Crude Oil Price Gains

Guavy AI Editorial Team
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EUR CAD
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The EUR/CAD currency pair traded around 1.6120 during European hours on Monday after experiencing two consecutive sessions of losses.

BNY Mellon strategists highlighted that OIS markets are pricing in a 97% probability of an ECB rate hike at the September meeting, which could support the Euro's value against the Canadian Dollar.

However, strength in crude oil prices is supporting the Canadian Dollar and may limit further EUR/CAD upside.

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