EUR/CAD Struggles for Direction Amid Oil Swings and ECB Divisions

EUR/CAD remains range-bound and neutral near term as competing forces offset each other following an early-April rebound to 1.6247. Oil price volatility has produced only short-lived CAD support while soft Canadian data and a cautious Bank of Canada limit upside for the loonie. At the same time, internal ECB divisions—hawks pushing for a June hike but likely to deliver dovish guidance—have capped structural gains for the euro. Key technical levels include support at 1.5941 and resistance at 1.6148, with a sustained move above 1.6247 needed to target 1.6335. Overall market bias is neutral pending clearer policy signals.