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 exchange rate forecasts for the CAD to EUR (CAD/EUR) pair indicate a complex interplay of factors influencing both currencies. The Canadian dollar (CAD) has faced downward pressure primarily due to concerns regarding potential new tariffs from the Trump administration, particularly impacting Canada’s steel exports to the US. This geopolitical uncertainty has prompted FX analysts to closely monitor oil prices, as Canada is significantly reliant on oil exports to the US, which consumes a substantial portion of Canada’s oil production. Currently, the CAD is trading at 0.6770, only slightly above its three-month average of 0.6721, suggesting relative stability in the face of these external pressures. However, with oil prices currently at 76.13 USD, 1.3% above the three-month average, CAD could experience mitigated losses if oil continues to appreciate, providing some support amidst ongoing tariff concerns.
On the other hand, the euro (EUR) is facing its own challenges, particularly from the implications of US tariffs, as highlighted by ECB Vice-President Luis de Guindos. The eurozone is grappling with the potential for increased economic uncertainty should a trade war develop between the EU and the US. Currency analysts have turned particularly bearish on the euro, with a consensus emerging that suggests a potential slide towards parity with the US dollar, particularly in light of ongoing geopolitical tensions and economic instability in the Eurozone, exacerbated by the ramifications of the Russia-Ukraine conflict. As the EUR has struggled recently, trading data indicates it may struggle to find direction, particularly as it has been marked by declining forecasts from major banks and analysts alike in the wake of shifting market dynamics. Consequently, the CAD/EUR exchange rate may reflect these broader trends, with a likely range defined by these dual pressures from both commodity dependence and geopolitical uncertainties.
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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