In 2021 forecasts and predictions for the CAD/EUR exchange rate are driven by the improved oil price and relative recovery from Coronavirus pandemic rather than any fundamentals or relative sentiment towards the Canadian and Eurozone economies.
04 Oct 2021
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ING think CAD is in oversold territory. They expect more tapering by the Bank of Canada to support the Canadian dollar into year-end, and the short positioning may help limit the loonie’s downside. CAD Outlook
Dollar strength and German political uncertainty sees the Eurozone single currency on the decline and at 1 YEAR LOWS versus the greenback touching the 1.15 level vs the greenback.
There will be a close eye kept on Eurozone inflation data on October 29, any upside surprise could support the euro.EUR Outlook
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.