The Canadian Dollar-to-Euro forecast is an indication of where technical and fundamental analysts think the EURCAD price may be in the future. You can use these exchange rate forecasts to help you decide if now is the right time to buy Euros with Canadian Dollars, or if you should wait until the price improves.
How many Euros does 1 Canadian Dollar get at the live exchange rate?
At the live current CADEUR exchange rate 1 CAD is worth 0.6720883 Euro which is a change of -0.01% from the previous day’s closing price. Over a week CADEUR is -0.01%, compared to its change over a month of 0.69% and one year of -1.9%.
CADEUR exchange rate data is updated every 15 minutes.
EURCAD Forecast highlights:
- EURCAD in a tight consolidation range (1.450-1.520)
- This pattern is likely to stay due to economic synchronicity between CAD and EUR.
- Watch to buy more Euros as the rate drops toward 1.450
How has EURCAD performed recently?
The exchange rate between Canada and the world’s largest trading bloc is, frankly, a dull financial time series. Hardly a rate to set pulse racing.
Over the past two years, EURCAD has been locked in a well-defined range, 1.53o to the north and 1.430 to the downside (see below).
There was a quick test of the 1.450 level in late 2024 but that decline quickly recovered. The last couple of weeks saw prices regress (again) from 1.500 to trade in the half-way mark of the 1.45-1.53 range.
When prices are floating in the centre any trading range, you can tell they are ‘directionless’. Supply and demand are evenly balance.
Unless there are macro catalysts to disturb this finely-balance situation, the rate is likely trade sideways for the time being.
Is it a good time to buy the Euros?
Given the static EURCAD exchange rate, if you need to buy the Euro with Canadian Dollars, buying spot may be a viable strategy.
The rate has been stuck within 1.450-1.520 for some time.
However, when the rate falls into 1.450 you may want to buy more Euros with Canadian Dollars since that level is acting as a ‘floor’. Any decline below 1.420 should warrant additional Euro purchases.
Will the Euro get stronger against CAD?
“Risks to economic growth,” opined Philip Lane, member of the executive board of ECB, “remain tilted to the downside.” That’s one of the reasons behind European Central Bank’s recent rate cut, as it steered the policy rate from 3 percent to 2.75 percent.
A weakening economy normally pulls the exchange rate lower. But Canada’s economic outlook, by comparison, is not strong either. In the latest monetary report, the Central Bank of Canada observed in late January that “growth in the Canadian economy was softer than expected in the third quarter of 2024.”
In other words, neither Europe nor Canada is economically outpacing each another. This is well reflected in the flat (or treadless) exchange rate. Until their economic outlook changes markedly which creates growth differential, the Euro is unlikely to get much stronger.
What is the EURCAD forecast in weeks?
The investment community, as seen from the rate forecasts below, is expecting EURCAD to gently decline (Euro weaker) over the next few weeks.
But the medium rate of these forecast range is still above 1.450 (see below). Few are predicting the rate to rise above 1.500 in a sustained way.
Without any clear technical or economic lead from either currency, EURCAD is expected to stay around 1.500.
Source: ExchangeRates.org.uk
Where is the best place for buying large amounts of Euros from Canadian dollars?
There are two different ways people buy EUR from CAD:
- Through a currency broker – when transferring money abroad
- Through a forex broker – when speculating on the price of currency
You can use this comparison table of CAD currency transfer companies to see how many currencies they offer, what the minimum EUR transfer is and if they offer forwards and currency options as well as when they were established. You can either visit each currency broker individually or use our currency quote comparison tool to request multiple exchange rates.
Or, if you are more interested in trading EURCAD you can compare Canadian forex brokers here.
Jackson is a core part of the editorial team at GoodMoneyGuide.com.
With over 15 years industry experience as a financial analyst, he brings a wealth of knowledge and expertise to our content and readers.
Previously Jackson was the director of Stockcube Research as Head of Investors Intelligence. This pivotal role involved providing market timing advice and research to some of the world’s largest institutions and hedge funds.
Jackson brings a huge amount of expertise in areas as diverse as global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University and has authored nearly 200 articles for GoodMoneyGuide.com.
You can contact Jackson at jackson@goodmoneyguide.com
