CAD to Euro Exchange Rate

Ahh, Europe: home to the Mona Lisa, the David, the Guggenheim museum Bilbao, and the top European tourist attraction: Disneyland Paris.

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What influences the CAD/EUR exchange rate?

The CAD/EUR exchange rate may be influenced by commodity prices as Canada’s top exports include crude petroleum and wood products. Interest rates, and inflation rates will also play a role, but the economic health of critical trade partner, U.S.A., may have the most pronounced effect.1  
 
Like the eurozone, Canada is considered one of the world’s top economies.2,3 The European Central Bank governs the monetary policy of the eurozone and, as of 2016, sovereign debt risk in some EU member countries continues to be an important factor for EUR exchange rates. Interest rate differentials are also important in determining the market rate. And, as the largest economy in the eurozone, Germany’s economic data may also play a role in EUR valuations. 

CAD/EUR Snapshot 

“The EU is Canada’s second largest trade and investment partner, and a central actor on the vast majority of global issues of concern to Canada.” - Global Affairs Canada4

  • In 2015, Canada was ranked 10th in GDP, while Germany ranked 4th.5
  • In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.6
  • Canada’s top exports include crude petroleum, cars, refined petroleum, vehicle parts, and helicopters, planes, and spacecraft. Its top export countries include the United Kingdom, while its top import countries include Germany.6  

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Currency Name: Euro
Currency Code: EUR
Currency Symbol:
Central Bank: European Central Bank
Countries Used In: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Major Unit: One euro
Minor Unit: One cent
Note Denominations: €5, €10, €20, €50, €100, €200, €500
Coin Denominations: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2 

EUR to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the EUR to CAD exchange rate today.

 

Sources:

  1. https://lop.parl.ca/Content/LOP/ResearchPublications/tips/tip117-e.htm
  2. http://www.huffingtonpost.ca/2016/06/09/canada-worlds-best-economies-gdp-map_n_10383284.html  
  3. https://www.reinisfischer.com/top-10-largest-economies-world-gdp-nominal-2015  
  4. http://www.international.gc.ca/europe/eu-ue.aspx?lang=eng&_ga=2.11685042.764771610.1497977016-1910332906.1497977016  
  5. http://databank.worldbank.org/data/download/GDP.pdf
  6. http://atlas.media.mit.edu/en/profile/country/can/