In 2020 forecasts and predictions for the CAD/EUR exchange rate have been driven almost entirely by the Coronavirus pandemic rather than any fundamentals or relative sentiment towards the Canadian and Eurozone economies.
The CAD/EUR rate has dropped around 5 percent since the initial pandemic shock in March, previous to this CAD/EUR had touched 0.70 per euro in late February. This is good news for expat Canadian workers in Europe as they will receive more Canadian dollars back home for their Euros.
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 2020.
Whether the Canadian dollar will rise or drop in the future versus the euro is a difficult question and the answer really depends on many factors. The best way to consider the current CAD-EUR relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
08 Jan 2021
|0.8% ▲||1 Week|
16 Dec 2020
|1% ▲||30 Days|
17 Oct 2020
|0.4% ▲||90 Days|
16 Jan 2020
|5.6% ▼||1 Year|
17 Jan 2016
|3.4% ▲||5 Years|
18 Jan 2011
|13.9% ▼||10 Years|
CAD/EUR 10 year historic rates & change to 15-Jan-2021 : 0.6499