EUR/CAD Live and Historical Rates
The two currencies making up this pair are both major currencies, though the EUR/CAD pair itself is not considered a major, because of low trading volumes. The forex chart above illustrates the EUR/CAD rate, meaning the amount of Canadian Dollars required to purchase a Euro.
The EUR is the common currency of the Eurozone, an economic area within the EU, which is currently comprised of 21 countries. As such, the EUR is without a doubt the most ambitious go at a currency union in the history of mankind. The second most traded currency behind the US dollar, the EUR is the second largest reserve currency too. In one respect, the EUR has in fact overtaken the greenback though: it is the currency with the highest circulation in the world, economic value-wise. Though beset by a number of recent crises, and plagued by economic disparity among the countries of the Eurozone, the EUR is still going strong, 18 years after its introduction.
Though the Canadian Dollar ranks 7th among the most traded currencies, the pair it makes with the EUR does not lend itself well to speculation, on account of the impressive stability of both currencies. The CAD is backed by the world’s 10th largest economy. First introduced in 1871, the CAD was pegged to the US dollar several times, after it abandoned the gold standard in 1933. The currency has floated since 1970, and the Bank of Canada hasn’t interfered with its exchange rates since 1988.
Due to the geographical proximity of the country to the US and the economic cooperation stemming from it, the CAD is most sensitive to the fluctuations of the USD.
Given how the CAD is a commodity currency, it’s safe to say that the biggest factors influencing the pair are commodity prices, Eurozone ups and downs and the state of the US economy.