A considerable amount of money flows between different European Union countries and Canada. For instance, more than U.S. $1.24 billion was sent as remittances from Canada to France in 2016. In the same year, around U.S. $27 million was sent from Italy to Canada, and around U.S. $25 million from France to Canada. In 2016, trade of goods between both regions valued at around €64.3 billion.
While both the euro and the Canadian dollar are regarded as major currencies, the EUR/CAD currency pair is looked upon as a minor cross.
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The name of the European Union’s new currency was finalized as “euro” in December 1995. However, the currency was formally adopted as legal tender only on 1 January, 1999. Circulation of euro-denominated coins and banknotes began in January 2002.
The euro is the official currency of 19 of the 28 countries that are part of the European Union. Member states in which the euro serves as legal tender include:
The use of the euro is also found in some overseas territories of European Union member states as well as Montenegro and Kosovo. Cuba decided to start using the euro as a trading currency in 1998, and Syria did the same in 2006.
In April 2016, the share of the euro in the international forex market turnover was over 31%, making it the world’s second most commonly traded currency. It is also on the second spot in the list of global reserve currencies.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
The Canadian Dollar
The Canadian dollar has served as legal tender in Canada since 1858. The reason this currency is often referred to as “loonie” is because of the presence of an image on a loon on the country’s one dollar coin. The use of the Canadian dollar is also seen in Saint Pierre and Miquelon.
The Canadian dollar’s international foreign exchange market turnover share was over 5% in April 2016, which made it the sixth most commonly traded currency globally.
|Currency symbol||$, C$|
|Nicknames||Loonie, huard in French|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1, $2|
Euro / Canadian Dollar Historical Rates
Since the introduction of the euro in the world markets in 1999, the Canadian dollar has largely managed to hold its own ground. However, the euro has always been stronger than the Canadian dollar.
In January 1999, the Canadian dollar traded at around C$1.7 against the euro. However, stability in the region’s economy helped the value of the dollar, and it was trading in between C$1.3 and C$1.45 from early 2000 to April 2002. In May 2002, the Canadian dollar was trading at over C$1.5 against the euro again.
From mid 2002 to late 2009, the value of the Canadian dollar hovered largely in between and C$1.35 and C$1.7 against the euro. When the American sub-prime crisis caused a global recession, the value of the Canadian dollar increased in comparison to the euro. By mid 2012, it was trading at around C$1.23 against the euro.
The Canadian dollar was back to trading at over C$1.5 against the euro in March 2014. However, economic instability in the European Union coupled with Canada’s stable economy worked in favor of the Canadian dollar. It traded at around C$1.35 in early 2015.
Since then, intermittent drops in oil prices, the positive economic outlook of the Eurozone, and the United States’ exit from Trans-Pacific Partnership trade deal have caused the EUR/CAD exchange rate to fluctuate between €1 = C$1.35 and €1 = C$1.6.
EUR/CAD in the last five years
|EUR 1 =|
|1 July, 2013||C$1.3671|
|1 July, 2014||C$1.4603|
|1 July, 2015||C$1.4382|
|1 July, 2016||C$1.4567|
|1 July, 2017||C$1.4776|
EUR/CAD in the last five months
|EUR 1 =|
|1 March, 2018||C$1.5889|
|1 April, 2018||C$1.5514|
|1 May, 2018||C$1.5151|
|1 June, 2018||C$1.5345|
|1 July, 2018||C$1.5207|
What Affects EUR/CAD Rates?
The performance of the euro depends on the economic stability of all European Union member states that use this currency. For instance, the 2015 Greek debt crisis had an adverse effect on the economy of several European countries, and the euro dropped in value against most major currencies including the Canadian dollar.
The value of the Canadian dollar depends on the country’s predominantly natural resources-based exports, which is why it is often referred to as a commodity-based currency. However, while oil prices were the key driver when it came to the value of the Canadian dollar, this is no longer the case. Now, changes in monetary policies implemented by Canada have a bigger effect on the Canadian dollar’s value when compared to oil prices.
Other factors that may have a bearing on how the EUR/CAD currency pair performs include interest rates set by Central Banks, trade balances, sociopolitical conditions, and gross domestic product (GDP).
The EUR/CAD exchange rate requires your particular attention if you plan to send money from a country in the European Union to Canada or the other way around. When comparing exchange rates offered by different service providers, make sure you look at the fees you need to pay as well.