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 0.618975 Euro which is a change of -0.15% from the previous day’s closing price. Over a week CADEUR is -0.15%, compared to its change over a month of -1.42% and one year of -3.27%.
CADEUR exchange rate data is updated every 15 minutes.
How has EURCAD performed recently?
The Canadian Dollar has been under growing pressure of late.
Against the Euro, the rate remains north of 1.600. This price trajectory retains the possibility of another leg upwards, to 1.650 and beyond (CAD weaker, see below).
Why are traders selling C$? One of the reasons is the gradual decline in energy prices. Canada is a vast country endowed with plenty of energy (and other commodity) resources. The recent drop in oil prices took some wind out of the commodity market and exerts downward pressure on commodity currencies such as C$.
Chartwise, EUR remains the stronger side. The pattern of rising lows remain in place; any decline beneath 1.600 appeared short-lived. Moreover, the uptrend here has lasted for some time (since 2023), with the magnitude stretching from 1.300 to 1.600.
As such, I envisage the rate to climb (gently) upwards in the months to come, although a setback once in a while is to be expected.
Is it a good time to buy the Euros?
The Canadian Dollar is the weaker currency versus the Euro. Prices are now trading above C$1.60 to a Euro (1.62 to be exact).
While the rate appears expensive now, it may become even more pricey when prices take a leap above $1.65.
Therefore, if you do need to some Euros now, buying some now may be a good idea. Watch for any weakness beneath 1.600 to buy more. What you don’t want to do is to buy the Euro on a spike above 1.650.
Will the Euro get stronger against CAD?
It is not that the Euro is strong; it is the Canadian Dollar that is weak.
One main reason behind the selling pressure on C$ is the persistent weakness in the Canadian economy. For instance, in the latest monetary meeting held on 10 June, the Bank of Canada observed critically:
Economic activity in Canada has been weak and uncertainty about US trade policy persists……GDP edged down by 0.1% in the first quarter, weaker than expected at the time of the April MPR. Consumer spending grew 1.4% but government spending unexpectedly declined. Housing activity also declined and business investment remained weak.…..Recent data suggests that growth will resume in the second quarter but, even with some rebound, the economy is expected to remain in excess supply.
Perceptions of a “weak economy” is pretty much the consensus towards the C$. Hence the downward push on the CAD. Investors expect the BoC to hold its policy rate unchanged in the near term.
But to say that the Eurozone is powering far ahead of the Canadian economy is incorrect either. The trading bloc has plenty of economic problems of its own. From Ukraine to energy supply to inflation to growth. The list is long and some economists are worried cracks will soon appear.
Therefore, while EURCAD is expected to trend higher – as its long-term chart suggests – the upside here is limited in scope. Historically the rate does not trend steeply. There will be plenty of sideways action.
What is the EURCAD forecast in weeks?
While C$ is trending lower against major currencies, the panel of brokers is taking a modest contrarian view on EURCAD. It is expected to fall near 1.60 in the next few quarters.
In particular, many forecast ranges are skewed below 1.600. Only a small percentage of predictions are recorded above 1.620.
Which party will prevail? For most occasions I would give more weight to the market since it is the aggregate summary of all the market views. The Euro-CAD is modestly weak and should remain so in the near term. To overturn this trend requires a sustained drop below 1.600.
Source: ExchangeRates.org.uk
Where is the best place to buy large amounts of Euros from Canadian dollars?
There are two different ways people buy EUR from CAD:
- Through a currency broker like Currencies Direct – when transferring money abroad
- Through a forex broker like Interactive Brokers – 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 of 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 over 200 guides for GoodMoneyGuide.com.
