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- Products / EUR/CAD
EUR/CAD
Euro (EUR) to Canadian dollar (CAD) exchange rate.
| Product Type: Currencies | Market: Global |
| Trading Hours: 24 hours, Mon-Fri. |
Description:
EUR/CAD represents the exchange rate of two of the top-ten global currencies – the euro and the Canadian dollar. The figure represents the number of dollars a trader needs to purchase one euro. Canada, a leading exporter of oil and gas products, is the world’s number one producer of natural uranium, and the second-largest producer of hydroelectricity and other renewable energy sources. The Canadian economy, which is considered the 15th most competitive, according to the World Economic Forum (WEF), relies heavily on international trade and has had a significant impact on world trade over the past two decades. Similarly, the euro, which came into existence precisely a year before the turn of the millennium, has quickly grown to become the unquestionable runner-up reserve currency to the US dollar and is held and used daily by more than two-thirds of EU citizens.
EURCAD Chart
Interesting Facts:
- Both the euro and the Canadian dollar are Majors. They are also the 2nd and 5th most held reserve currencies in the world – accounting for roughly 14% and 2% of all global reserves.
- Canada has the world's 9th largest economy, based on the gross domestic product (GDP) and the 14th largest, based on purchasing power parity (PPP). It is also the 5th largest energy producer, the 7th largest producer of crude oil, and considered to be one of the wealthiest countries in the world.
- The Canadian dollar (known colloquially as "loonie") is particularly popular among some of the world's top-ranking banks, which choose it because of Canada's relative economic soundness, robust governmental system, political and legal stability.
- 70% of Canadian exports of goods and services are to the US market. While exports to the US still account for the vast majority of the country’s exports, this share had fallen considerably in recent years from more than 80% in 2000. Its other significant markets are Asia, Europe and Latin America.
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