EUR/CAD hesitates above 1.5600 with higher Oil prices supporting the loonie

• The Euro loses momentum on mixed data and dovish ECB's Villeroy.
• The pair´s bearish correction from 1.5760 is holding above 1.5600 so far.
• Higher Oil prices and dwindling hopes of BoC cuts are supporting the CAD.

The Euro is trading without a clear direction, as the enthusiasm of the delay on Trump's 50% tariffs wears out, while the moderate rebound on Oil prices is providing some support to the loonie.

The pair has been losing momentum after hitting one-month highs, right above 1.5750 last week, yet with downside attempts contained above 1.5880 so far.

Mixed Eurozone data and dovish comments from ECB's Villeroy

In the macroeconomic domain, Eurozone data has been mixed. The German GFK consumer Confidence Index remained at downbeat levels, while the Eurozone Economic Sentiment and Industrial Confidence figures have shown a moderate improvement.

Earlier today, ECB's Villeroy struck a dovish tone, noting that there is still room for further monetary easing and warning about the potential impact of a trade war on the Eurozone's financial stability and economic growth prospects.

The Canadian Dollar, on the other hand, is firming up on the back of a moderate pickup in Oil prices.

Beyond that, the positive Retail Sales data released on Friday has eased concerns triggered by the weak employment figures seen earlier this month, and prompted investors to dial back BoC easing expectations for next month.