Euro Gains Against CAD Amid ECB Hawkish Stance and Lower Oil Prices

The Euro has gained ground against the Canadian Dollar due to the European Central Bank's (ECB) hawkish policy stance and lower oil prices.

Eurozone inflation rose to 2.9% in July, exceeding the ECB's 2% target, while market-based one-year expectations remain at 2.4%, above the target.

The Canadian Dollar has been pressured by falling West Texas Intermediate (WTI) prices, which have dropped for a second consecutive day and are trading around $81.10 per barrel.

Crude oil prices declined due to downward revisions to global demand forecasts for 2026, driven by disruptions from the US-Israeli war on Iran.