The euro traded near C$1.5650 against the Canadian dollar Tuesday as traders awaited the European Central Bank’s decision and crude benchmarks recovered from earlier losses.
FXStreet reported the quote at 08:46 GMT and described a six-day losing streak. The Bank of Canada’s daily average was C$1.5687 per euro on Oct. 26, up from C$1.5667 on Oct. 23. These daily averages and an intraday market quote cover different periods and measures, so the official figures do not independently verify the reported streak. The pair also featured in EconoTimes’ earlier coverage of the euro against the Canadian dollar.
Brent crude futures stood at $116.24 a barrel and U.S. West Texas Intermediate at $102.07 by 07:18 GMT, Reuters reported. They were up 0.4% and 0.3%, respectively, after each fell about 1% earlier. Reuters linked the earlier declines to hopes that diplomatic talks in Tehran could ease supply concerns.
The Bank of Canada identifies oil prices, U.S. dollar movements and differences in interest rates across countries as factors that can affect the Canadian dollar. A 2024 staff note said oil-price changes had become a less important influence on the currency in recent years.
The ECB is scheduled to announce its decision at 9:15 a.m. ET (13:15 UTC) Thursday, Oct. 29, followed by a press conference at 9:45 a.m. ET (13:45 UTC). Its deposit facility rate is 2.50%, effective Sept. 16. FXStreet reported that a Reuters poll conducted Oct. 5-8 found that 70 of 73 economists expected the ECB to hold the rate this week, while 64 of 73 expected a 25-basis-point increase in December. The poll reflects economists’ expectations, not an ECB commitment.
S&P Global Market Intelligence’s October flash output gauge for the euro area registered 51.9, down from 53.1 in September. Both readings were above 50, the level separating expansion from contraction. S&P said the October result was consistent with quarterly GDP growth of about 0.3%.