EUR/CAD Forex Trading
EUR/CAD Live Charts
EUR/CAD Live Charts Use our EUR/CAD live chart to get the most up-to-date insight into the recent performance of this pair and other currency pairs used in forex trading. It can help you make informed decisions at home or on the go – no matter if you use the TickTrader desktop platform, web terminal, or mobile app. Our real-time chart includes the very latest price, historical data, and technical analysis tools to help guide your next trade.
What Is EUR/CAD Trading?
EUR/CAD represents the exchange rate between the euro (EUR) and the Canadian dollar (CAD), where the euro is the base currency, and the Canadian dollar is the quote currency. The exchange rate indicates how much of the quote currency (CAD) is required to purchase one unit of the base currency (EUR). For example, if the EUR/CAD exchange rate is 1.45, it means that 1 euro is equivalent to 1.45 Canadian dollars.
FX EUR to CAD trading presents opportunities for traders to catch attractive price fluctuations of the second most traded currency in the world and one of the strongest commodity currencies.
FXOpen offers low fees to improve your forex EUR/CAD trading experience.
EUR/CAD Historical Performance
Since the introduction of the euro in 1999, the EUR/CAD exchange rate has witnessed significant fluctuations.
From 2002 to 2004, the pair experienced a gradual upward trend, and although it suffered price spikes until the end of 2007, at the beginning of 2009, the price reached highs last seen in 1999. During this period, the euro was generally strengthening against the Canadian dollar, driven by factors such as the economic growth in the Eurozone, the expansion of the European Union, and the stability of the euro. The Canadian dollar, in its turn, being a commodity currency due to Canada's significant natural resources, faced downward pressure.
Following the financial crisis, the EUR/CAD rate entered a period of volatility, driven by various factors, including monetary policy decisions, economic indicators, and geopolitical events. The European debt crisis, which began in 2010, had a significant impact on the euro's value against the Canadian dollar. Concerns over the financial stability of several Eurozone countries led to periods of euro depreciation, causing the EUR/CAD rate to move mostly downwards until the second half of 2012.
Since then and until the fourth quarter of 2020, the market had been trying to build a strong uptrend but failed. The COVID-19 pandemic in 2020 had a profound impact on global financial markets. In the second half of 2022, the pair touched lows last seen in 2012 and rebounded.
EUR/CAD provides numerous opportunities for traders as its trends constantly change, allowing them to capitalise on significant price swings.
Major Factors That Affect the EUR/CAD Pair
On the other hand, the Canadian dollar is a commodity currency as Canada is a major exporter of commodities, particularly oil, which has a significant impact on the value of the Canadian dollar. Other factors that influence the CAD include economic indicators like GDP growth, employment data, and the monetary policy set by the Bank of Canada (BOC).
One of the primary points that traders use to forecast the price direction is the divergence in monetary policies between the ECB and the BOC. If the ECB adopts a more hawkish stance, indicating potential interest rate hikes or tighter monetary policy, it could strengthen the euro against the Canadian dollar. Conversely, if the Bank of Canada adopts a more dovish stance, it could weaken the Canadian dollar against the euro.
In addition, geopolitical events in both the Eurozone and Canada can significantly impact the value of EUR/CAD. Political instability or trade tensions can create price volatility.
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