In 2022 forecasts and predictions for the CAD/EUR exchange rate are driven by the effect of the Ukraine crisis on energy prices.
06 May 2022
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Before Russia invaded Ukraine the CAD was being supported by expectations of domestic interest rate hikes – and the oil price was a key driver of CAD strength at the start of the year.
Since the start of the Russia/Ukrainian war the risk on-off market are pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar (1 USD = 1.27 CAD).
At the start of the tragic Russian invasion of Ukraine the euro sank to parity against the safe-haven Swiss franc hitting 0.9985 francs per euro on March 7th, the lowest since January 2015.
By the end of April the euro fell to a 5-Year low around 1.05 against the US dollar and the short term news for the single currency is all negative. Global bans against Russian oil and gas and uncertainty over ECB interest rate plans have prompted predictions in the currency markets for parity for the euro against the greenback this year.
Note that forecasts and predictions for the CAD/EUR exchange rate change all the time, affected by news events and relative sentiment towards the Canadian and Eurozone economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coronavirus pandemic.
You can read more about EUR cross-rate forecasts here EUR Trends and Forecasts for 2021.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.