EUR/CAD holds ground near 1.6150 due to EU efforts to deter Trump tariffs
EUR/CAD extends its gains for the second successive session, trading around 1.6150 during the European hours on Monday. The currency cross is supported as the Euro (EUR) strengthens after EU ambassadors agreed on Sunday to intensify efforts to deter US President Donald Trump from imposing tariffs on European allies, while also preparing retaliatory measures should the duties move forward.
On Saturday, US President Donald Trump said that he would impose tariffs on eight European countries opposing his proposal to acquire Greenland. Trump stated that a 10% tariff would be levied on goods from EU members Denmark, Sweden, France, Germany, the Netherlands, and Finland, as well as Britain and Norway, effective February 1, until the US is permitted to purchase Greenland, per Bloomberg.
The EUR/CAD cross also appreciates as the commodity-linked Canadian Dollar (CAD) struggles against the Euro after Oil prices pare daily gains. West Texas Intermediate (WTI) Oil price is trading around $59.00 per barrel at the time of writing.
Crude Oil prices have lost ground amid easing tensions with Iran, reducing concerns over potential supply disruptions. Market anxiety subsided after US President Donald Trump signaled last week that he may delay any military action, following Iran’s pledge not to carry out executions of protesters. However, Trump warned that forceful measures could still be taken if executions resume, leaving some geopolitical risk premium priced into the market.
However, Oil prices remain in the positive territory, supported by China’s key economic data. China’s industrial production rose 5.2% year-over-year YoY in December, accelerating from 4.8% in November, supported by resilient export-driven manufacturing activity. China’s GDP expanded 1.2% QoQ in Q4 2025, up from 1.1% in Q3 and above the 1.0% consensus. On a YoY basis, growth eased to 4.5% from 4.8% but exceeded expectations of 4.4%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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