In 2022 forecasts and predictions for the CAD/EUR exchange rate are driven by the effect of the Ukraine crisis on energy prices.
In late August CAD/EUR is trading around the 0.77 level, this a few percent from where the rate ended 2021.
The effect of Ukraine crisis on energy prices hurts the euro and helps the gas and oil exporting Canadian dollar.
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Since the start of the Russia/Ukrainian war the risk on-off markets had been pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar.
However from mid-September the loonie has weakened down from this range to around 0.73 relative to the greenback.
Major banks are forecasting the eurozone common currency to fall to $0.95 by the end of the year.
This multi-year low for the euro vs the US dollar looks only to worsen as winter approaches; the short term news for the single currency is all negative.
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.