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.