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.
CAD to EUR at 0.6754is just below its 90-day average, range 0.6648-0.6843.
Canadian dollar to Euro bank forecasts
The CAD/EUR rate has steadily increased (up around 7) since it’s lows around 0.63 in August last year.
In 2021 the Canadian dollar has risen as a global economic recovery takes hold, with larger gains if the Bank of Canada is seen to be preparing to reduce monetary stimulus, economists say. CAD Forecasts
The topside of the EUR/USD is now limited to 1.2000 and the risk is for a move to the next support at 1.1700. EUR Forecasts
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.
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.
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