The Euro / Canadian Dollar denotes how many Canadian Dollars are needed to purchase one Euro. Crude oil is one of Canada's largest exports and as such, tends to be sensitive to fluctuations in crude oil prices and global growth expectations. The Eurozone is the largest monetary union in the world and one of the most popularly traded currencies in FX. Throughout history there have been numerous times the euro has been used as a funding currency during times of global economic uncertainty. The EUR/CAD typically has a slightly higher average true range than the majors, offering more opportunities to intra-day traders & swing traders alike.
A busier week on the economic calendar should bring more attention back to the Euro, although the European Central Bank meeting on Thursday is the obvious top ticket item of the week.
by Nick Cawley