Best Canadian Dollar to Euro Exchange Rates Today (CAD/EUR) | finder.com

Best Canadian Dollar to Euro Exchange Rates Today (CAD/EUR)

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Find out everything you need to know about the Canadian dollar to euro exchange rate and the performance of each currency relative to the other.

Today’s mid-market rate

The mid-market dollar-to-euro exchange rate is 1 CAD = 0.7142 EUR. (Rate accurate as of January 26, 2017.)

We’ve gathered today’s best rates to inform your decisions when sending money from Canada to the Eurozone.

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Exchange rate history – Canadian dollar to euro

The Canadian dollar was introduced as Canada’s official currency in 1858, replacing the Canadian pound. The seventh most traded currency on global foreign exchange markets, the Canadian dollar is often referred to as a commodity currency due to the strength of Canada’s raw materials industries.

It has historically traded at a lower value than the euro, which is the world’s second most traded currency after the US dollar and is legal tender in the 19 countries of the Eurozone. Since the euro entered full circulation in 2002, 1 Canadian dollar has traded at an average of 0.6863 euro cents, with a low of 0.5800 and a high of 0.8200.

During 2014 and early 2015, economic instability in the Eurozone saw the Canadian dollar gain ground against the euro, with Canada’s stable economy as a key factor. However, improvements in the European economic outlook and falling oil prices saw the value of the Canadian dollar fall in value relative to the euro.

The success of the proposed Trans-Pacific Partnership trade deal, which has been successfully negotiated but is yet to be finalized, is expected to have important consequences for the Canadian economy moving forward.
Laws and legal documents when transferring large sums of money into Europe

Countries using the euro as currency

Countries
AustriaBelgium
CyprusEstonia
FinlandFrance
GermanyGreece
IrelandItaly
LatviaLithuania
LuxembourgMalta
NetherlandsPortugal
SlovakiaSlovenia
Spain
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Forecasting the CAD to EUR exchange rate based on historical data

The past can be a good indicator of the future. Depending on sociopolitical atmosphere, interest and inflation rates, foreign trade, public debt, and export to import price ratios all influence exchange rates. Below you can find the average exchange rate for the past ten years.

2016201520142013201220112010200920082007
CAD = EUR0.69360.70570.68230.73140.77820.72690.73270.63110.64130.6820

Data courtesy of X-Rates.

Euro historically strong against Canadian dollar

Since the full introduction of the euro in 2002, the Canadian dollar has been a consistent performer aided by the strength and stability of the Canadian economy. The euro, however, while always valued higher than the CAD, has experienced its fair share of ups and downs. During 2007 and 2008 when the US subprime mortgage crisis began to materialise, investors looked to the Eurozone for its strength and stability.

This contributed to the strong performance of the euro during this period, but it soon became apparent that the US recession was going to have global consequences. As the recession spread to Europe and the European Central Bank upped the subprime rate to 1.5%, the value of the euro dropped in comparison to the performance of the CAD. This led to the CAD’s highest ever value against the euro, peaking well above the 80-cent mark in mid 2012.

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Value and exchange rates of the euro

Upon the introduction of the euro, conversions between currencies of participating countries to the euro relied on a triangulation process. The value of the euro in terms of exchange rates of currencies entering the euro, when they did, is pictured below.

CurrencyCurrency CodeRate
Austrian schillingATS13.7603
Belgian francBEF40.3399
Cypriot poundCYP0.585274
Estonian kroonEEK15.6466
German markDEM1.95583
Finnish markkaFIM5.94573
French francFRF6.55957
Greek drachmaGRD340.75
Irish poundIEP0.787564
Italian liraITL1,936.27
Lithuanian litasLTL3.4528
Luxembourgish francLUF40.3399
Latvian latsLVL0.702804
Monégasque francMCF6.55957
Maltese liraMTL0.4293
Dutch guilderNLG2.20371
Portuguese escudoPTE200.482
Slovenian tolarSIT239.64
Slovak korunaSKK30.126
Spanish pesetaESP166.386
Sammarinese liraSML1,936.27
Vatican liraVAL1,936.27
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Euro fluctuates against a weaker Canadian dollar

Graphs charting the value of the Euro across its history show plenty of fluctuation, which is to be expected of any currency but especially one which relies on the performance of the economies of the Eurozone’s 19 member countries. Most recently, the latest developments in the Greek debt crisis in 2015 dragged consumer confidence down and impacted upon most European economies. As a result, the value of the euro dropped against most major currencies, including the CAD.

Meanwhile, Canada’s economy, which is heavily influenced by commodity prices, has historically been a steady performer. 1 CAD has regularly traded in the 65-70 euro cents region across the past 10 years.

However, due to Canada’s close economic ties with the US, its economy experienced a slow recovery from the global recession. In the first half of 2015, Canada technically entered a recession following two consecutive quarters of declining GDP. While a rebound was expected in the third quarter, continually sluggish energy and commodities prices were expected to continue to have an impact.

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Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

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