Euro rises against Canadian Dollar due to lower oil prices, risk-on mood
Finance Euro rises against Canadian Dollar due to lower oil prices, risk-on mood EUR/CAD extends its winning streak for the fourth consecutive day, trading around 1.6080 during the European hours on Monday. The currency cross is gaining ground as the commodity-linked Canadian Dollar (CAD) struggles due to lower oil prices, a direct result of Canadas status as the largest crude exporter to the United States (US). Crude oil prices have dropped as supply fears ease, driven by rising optimism over a potential US-Iran agreement. Reports indicate that the United States and Iran are close to signing a deal involving a 60-day ceasefire extension. Under this proposed agreement, the Strait of Hormuz would be reopened, and Iran would clear mines it deployed in the waterway to allow ships to pass freely. In exchange, the United States would lift its current blockade on Iranian ports. Meanwhile, traders are awaiting speeches from European Central Bank (ECB) policymakers later this week, including President Christine Lagarde, for fresh market impetus. The ECB has hinted that rising energy prices might push this years inflation forecasts upward, supporting the case for a potential interest rate hike this year. While the case for the ECB to raise interest rates in June is