Canadian Dollar and Euro Currency

The Canadian Dollar moderated against most of its peers due to the significant decline of oil prices. However, there is a clear sign of recovery even as the price remains below $44 per barrel.

EUR and CAD pair is trading within the 1.3524 range.

Since the Canadian dollar is a commodity asset, it is easily affected by any changes in prices of crude.

Canadian economic figures were positive although there was minimal impact because of the effect from low crude prices. International Securities Transactions showed a surplus of approximately 5.73 billion last January which eclipsed median market projection of a trade shortfall which is -2.00 billion.

Depleted oil price in the market will possibly cause the Canadian currency to trend lower. As a result, Euro to CAD exchange rate is expected to remain as it is for the time being.

However, it is also likely that there will be instability in the EUR/CAD mainly because of the release of important data in the euro region.

Euro to Canadian Dollar exchange rate went up to a peak of 1.3569 yesterday.