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 0.6372675 Euro which is a change of 0% from the previous day’s closing price. Over a week CADEUR is 0%, compared to its change over a month of -0.45% and one year of -6.25%.
CADEUR exchange rate data is updated every 15 minutes.
EURCAD Forecast highlights:
- EURCAD rallied to 1.600, a historic resistance
- C$ weakens as market shifts away from cyclical currencies
- Gentle upward momentum may lead to a test of 1.600; a breakout is less certain
How has EURCAD performed recently?
The exchange rate between Canada and Europe has moved up a notch in March. From 1.500 the rate shot up quickly to near 1.600 (CAD weaker), before settling in at around 1.550-.1560.
This rate has a habit of breaking out forcefully – breakouts that often last for a short time – before spending the rest of the time bouncing aimlessly. EURCAD is probably stuck in one of these trendless period again, as prices ricochet up and down the 1.580-1.540 band (see below).
Casting our eyes further back, however, we note that 1.600 has been the price ceiling dating back to 2015. This is a decade-long resistance, suggesting plenty of potential selling there.
Given the rate’s historical chart pattern, we would not be in a hurry to predict a breakout north of 1.600. The rate tried to in 2016, 2018, 2020 (twice) – all failed. So for this breakout to happen, another major macro catalyst is probably required. The breakout in March was caused by increased tariff friction between Canada and its largest trading partner, US. For now, I expect further range trading.
Is it a good time to buy the Euros?
The Canadian Dollar has weakened against the Euro this year. Previously, the rate was trading $C1.45-1.50 to a Euro. Now, it is above C$1.55.
So if you need to buy the Euro with Canadian Dollars, buying spot may be a good idea. The rate may weaken into 1.580.
Of course, you may wish to wait for a retracement into 1.52-1.53. This correction may or may not happen, since the world economy is potentially heading for a modest slowdown, which tend to disfavour cyclical and commodity currencies like C$.
Will the Euro get stronger against CAD?
The world is changing rapidly. This, according to the ECB president Lagarde, is an opportunity for the Euro.
In her latest assessment (17 June), the president of the ECB identified that:
We are witnessing a profound shift in the global order: Open markets and multilateral rules are fracturing, and even the dominant role of the US dollar, the cornerstone of the system, is no longer certain……the shift under way also offers opportunities for Europe to take greater control of its own destiny and for the euro to gain global prominence.
However this monumental change in leadership must, in her words, “rest on hard facts”. And the fact is, EU dynamism remains behind America. The recent rebound in the Euro is not so much of investors desiring Euro, but wishing to diversify away from the US$. While projections for the US GDP this year is dialled down, it is still above that of EU.
Therefore, the Euro needs further macro trends to support further demand for the currency. On C$, it is cyclical currency that is tied (loosely) to the commodity cycle. As the world economy slows, this may amplify a cutback in commodity demand. For now, C$ is under pressure and may remain so until the global economy picks up again.
What is the EURCAD forecast in weeks?
The panel of analysts are convinced that EURCAD will continue to advance from here.
Most predictions a few quarters out are above 1.600. Only a small percentage of predictions are below the current price level.
But whether this optimistic projections (EUR stronger) will materialise by these dates is hard to say, since macro volatility is on the rise. EURCAD may test the 1.600 level.
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 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.
You can contact Jackson at jackson@goodmoneyguide.com
