The EUR / CAD currency pair is not very popular, mostly in trade it is used by experienced traders. The dynamics of the pair is affected by the correlation between the economies of the European Union and Canada. It is observed that the behavior of the euro currency pair against the Canadian dollar is almost identical to the euro currency pair to the US dollar, but due to the smaller volume of EUR / CAD trades, this pair is able to surprise with sharp fluctuations of the exchange rate.
This financial instrument is attracted by the fact that between Canada and the countries of the European Union there is a high business activity. The EUR / CAD currency pair is a classic case where the currency pair directly reflects the state of the related economies. The most active tenders occur during the European and American sessions.
The EUR / CAD currency pair is a cross-rate against the US dollar, here the euro is the main currency, the Canadian dollar acts as a quoted currency. The graph presented on the page reflects the dynamics of the EUR / CAD movement.
Canada is the world's leading oil exporter. The dynamics of the value of the Canadian dollar is directly proportional to the fluctuations in the cost of oil, that is, the price of oil has a direct impact on the Canadian national currency rate: with the increase in oil prices, the Canadian dollar strengthens, and when it decreases, it weakens.
Canadian dollar - (currency sign - $ or C $, Bansko code: CAD) - the monetary unit of Canada. It was introduced in 1858. The Central Bank of Canada has the right of issue and regulation. Refers to commodity types of currency, as it depends on the export of goods (oil, sulfur). Unofficial names: "Luni" and "small dollar".
Euro (currency sign - €, bank code: EUR) - official currency of 19 eurozone countries (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia , Finland, France, Estonia). Also, the currency is used in nine countries that are not members of the euro area. The Euro is managed by the European System of Central Banks (ESCB), led by the European Central Bank (ECB).
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