Analysis of recent Loonie → Euro forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Canadian dollar to Euro performance and trends.
Forecasts for CAD to EUR
The CAD to EUR exchange rate has shown a relative stability, currently trading near 7-day highs around 0.6790. This level is only 0.7% below its 3-month average of 0.6836, indicating a consistent range-bound movement within 2.2% fluctuations between 0.6755 to 0.6901. Both the Canadian Dollar (CAD) and Euro (EUR) have been influenced by various factors lately, reflecting in their exchange rate dynamics. The Canadian Dollar has been impacted by shifting central bank policies, lower commodity prices, and US economic data, while the Euro has faced pressure from cooling German inflation and concerns over Eurozone economic performance.
Recent analyst forecasts and currency market updates suggest that the CAD could continue to be linked to oil prices, given Canada's status as a major oil exporter. Despite the potential support from rising oil prices reflected in Brent Crude OIL/USD trading higher at 85.11, the CAD's performance could also be affected by interest rate cuts from the Bank of Canada, potential rate hikes by the Federal Reserve, and its correlation with the US Dollar. On the other hand, the EUR faces challenges from Eurozone economic concerns, particularly regarding inflation and potential rate cuts by the European Central Bank. The CAD to EUR exchange rate may experience fluctuations based on these factors in the coming months, with forecasts indicating a cautious outlook for both currencies amidst uncertain global economic conditions.
@bestfxrates : CAD to EUR remains stable, hovering near 7-day peaks at 0.6790, a mere 0.7% below its 3-mo avg. Oil prices & central bank moves sway CAD, while the EUR grapples with Eurozone economic pressures. Market view suggests cautious trading ahead with potential rate shifts in focus. #CAD #EUR #ForexUpdate
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EUR
+0.2%
📈2W
CAD to EUR is at 14-day highs near 0.6796, just 0.6% below its 3-month average of 0.6834, having traded in a very stable 2.2% range from 0.6755 to 0.6901
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Date
CAD/EUR
Change
Period
04 Mar 2024
0.6786
0.1% ▲
2 Week
19 Dec 2023
0.6829
0.5% ▼
3 Month
19 Mar 2023
0.6827
0.5% ▼
1 Year
20 Mar 2019
0.6584
3.2% ▲
5 Year
21 Mar 2014
0.6458
5.2% ▲
10 Year
23 Mar 2004
0.6095
11.5% ▲
20 Year
CAD/EUR historic rates & change to 18-Mar-2024
Will the Canadian dollar rise against the Euro?
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Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more