Key Moments
- EUR/CAD trades near 1.6140, giving back gains after two consecutive advancing sessions.
- WTI hovers around $66.70 per barrel, close to its recent six-month peak of $67.23.
- The Euro finds support from a stronger German IFO reading and the EU’s decision to pause ratification of a US trade deal.
EUR/CAD Under Pressure During European Trade
EUR/CAD is trading around 1.6140 during European hours on Tuesday, slipping after recording gains in the previous two sessions. The cross is moving lower as the Canadian Dollar (CAD) – closely tied to commodities – benefits from firmer Oil prices. Canada’s role as the largest crude supplier to the United States is underpinning demand for the CAD as energy markets strengthen.
Oil Prices Supported by Middle East Supply Concerns
West Texas Intermediate (WTI) crude is trading around $66.70 per barrel at the time of writing, extending its advance for a second straight session. The benchmark price is holding near a six-month high of $67.23, reached on February 23.
Crude prices are rising amid worries about possible supply disruptions as investors assess the risk of further military escalation in the Middle East. US President Donald Trump said on Monday that he prefers a diplomatic outcome with Iran, with negotiations set to resume on Thursday in Geneva, but cautioned of a “very bad day” for Tehran if no nuclear agreement is reached.
Euro Supported by Trade and Sentiment Developments
The Euro (EUR) has recently been underpinned by political and economic developments in Europe. The EUR/CAD cross previously advanced as the Euro gained support after the European Parliament halted ratification of the US-EU trade deal. The move followed a Supreme Court ruling that invalidated several levies introduced during Trump’s second term.
Additional support for the Euro came from German business sentiment data. Germany’s IFO Business Climate Index climbed to 88.6 in February, marking a six-month high and beating both expectations and January’s reading. Market participants are now turning their attention to upcoming Harmonized Index of Consumer Prices (HICP) releases from Germany and the wider Eurozone, seeking clearer signals on inflation dynamics and implications for the European Central Bank’s (ECB) policy stance.
Euro Performance Against Major Currencies
The following table outlines the percentage change of the Euro (EUR) against major currencies today. According to the data, the Euro has been weakest versus the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | – | 0.12% | 0.14% | 0.94% | 0.04% | -0.14% | -0.09% | 0.20% |
| EUR | -0.12% | – | 0.02% | 0.83% | -0.07% | -0.26% | -0.21% | 0.08% |
| GBP | -0.14% | -0.02% | – | 0.82% | -0.09% | -0.28% | -0.22% | 0.07% |
| JPY | -0.94% | -0.83% | -0.82% | – | -0.88% | -1.07% | -1.02% | -0.73% |
| CAD | -0.04% | 0.07% | 0.09% | 0.88% | – | -0.19% | -0.13% | 0.16% |
| AUD | 0.14% | 0.26% | 0.28% | 1.07% | 0.19% | – | 0.06% | 0.34% |
| NZD | 0.09% | 0.21% | 0.22% | 1.02% | 0.13% | -0.06% | – | 0.29% |
| CHF | -0.20% | -0.08% | -0.07% | 0.73% | -0.16% | -0.34% | -0.29% | – |
Reading the Currency Heat Map
The heat map reflects percentage changes between the main currencies. The base currency is listed in the left-hand column, while the quote currency is shown in the top row. For instance, if the Euro is chosen from the left column and the US Dollar from the top row, the value displayed in that cell represents the percentage change of EUR (base)/USD (quote).
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