CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pairing – The amount of Canadian dollars (CAD) that one can buy for every European euro (EUR).
EUR – World’s second most traded currency
CAD - World’s sixth most traded currency
Eurozone – With 17 of the 27 member states of the European Union, and five other countries utilising the Euro, the economic situation within those specific countries, and in Europe as a whole has an impact on the value of the currency. The interest rate set by the European Central Bank also has a strong impact.
Political factors – it is not only the Euro that is affected by political changes and decisions, situations in Canada and in the US can affect the value of the dollar.
Commodities – The wide range of countries that use the Euro mean commodities are less of a factor with this currency. However, Canadian dollars can be affected by the price of oil, aluminium, timber, and more.