EUR/CAD Plunges Toward 1.5900 as Risk Aversion Crushes Euro, Boosts CAD

EUR/CAD has plunged toward the 1.5900 support zone, trading near 1.5920 for a third straight day amid intensifying risk aversion from Middle East tensions. Geopolitical headlines, including a US naval blockade of Iranian ports and hardline Iranian comments, have spurred safe-haven flows against the euro, while CAD draws strength from WTI oil at $102.40/barrel, resilient employment, and hawkish BoC expectations. ECB's unchanged 2% deposit rate provided minimal euro support; technicals show breaks below key moving averages, rising downside volume, and RSI nearing oversold, eyeing 1.5800 next if 1.5900 fails.