Forex
EUR Slides vs CAD Amid Oil Price Surge and Fed Rate Hike Expectations
The EUR/CAD exchange rate is trading at around 1.6030, down from its gains in the previous session.
This comes as oil prices surge towards nearly four-month highs due to a major Saudi pipeline shutdown following a drone attack.
The Canadian Dollar is receiving robust support from this commodity price increase, while geopolitical risks and policy uncertainty weigh on the Euro.
A strong US inflation print has also contributed to expectations of a Federal Reserve rate hike, with market-implied odds now at 87%, up from 59% just one week earlier.