EUR/CAD Exchange Rate History
A decade of Euro–Canadian Dollar movements, with the events that drove them.
EUR/CAD 10-year snapshot
EUR/CAD currently sits roughly 88% through its 10-year range — near the upper end, with the rate at decade-high levels.
The last decade in EUR/CAD
EUR/CAD is a major non-USD cross combining a European reserve currency with the world's premier oil-export commodity currency. Over 2016–2026, EUR/CAD traded between 1.38 (early 2018 EUR weakness vs commodity-strong CAD) and 1.60 (October 2022 ECB-BoC divergence peak). The pair is dominated by: ECB-BoC policy divergence, WTI crude oil prices (positive for CAD), and Eurozone economic growth versus Canadian commodity exports.
Long-term trend
Range-trading with no strong secular direction. EUR/CAD has oscillated in a 1.40-1.55 band for most of the past decade, with brief excursions outside during major macro events. The 2022 EUR strength took the pair to 1.60; the post-2014 oil crash period saw it at 1.38. CAD's commodity-currency exposure makes it more volatile than EUR within the pair — most EUR/CAD moves reflect CAD changes more than EUR changes.
Key events
EUR/CAD at multi-year low on commodity strength
CAD reached multi-year highs against EUR as oil prices rose above $66 (Brent) and the BoC was hiking ahead of the ECB. The pair hit 1.39 — strongest CAD against EUR in years.
EUR/CAD fell from 1.49 (December 2017) to 1.41 (February 2018).
COVID oil crash hurts CAD
The COVID demand destruction combined with the Saudi-Russia oil price war drove WTI briefly negative. CAD weakened sharply against EUR.
EUR/CAD rose from 1.43 to 1.59 in March 2020, then settled to 1.55 by mid-2020.
EUR/CAD peaks at 1.60
A combination of ECB aggressive tightening (50bp moves), Eurozone gas-crisis recovery, and CAD weakness on slowing Chinese commodity demand drove EUR/CAD to multi-year highs.
EUR/CAD peaked at 1.60 in October 2022.
BoC paused while ECB continued
BoC paused at 5.00% in mid-2023 while ECB continued tightening to 4.50%. The narrowed differential supported EUR/CAD throughout 2023.
EUR/CAD held a 1.45-1.50 range through 2023.
ECB cuts before BoC
ECB cut rates in June 2024 (first major central bank to ease post-tightening cycle) while BoC waited. The reversed divergence briefly favored CAD against EUR.
EUR/CAD fell from 1.49 (May 2024) to 1.47 (June 2024) before reversing.
Trump tariff threats drag CAD
Renewed US tariff threats on Canadian imports drove CAD weakness across pairs including EUR/CAD. The threats compounded Canadian growth concerns from continued China-cycle weakness.
EUR/CAD held a 1.48-1.55 range through 2025.
Practical takeaway
For European travelers to Canada (or Canadians visiting Europe), EUR/CAD has range-traded in a 1.40-1.55 band that reflects the structural balance between European reserve-currency status and Canadian commodity exposure. Watch ECB-BoC policy meeting calendars (six per year each) for the main scheduled volatility windows. WTI crude prices remain the most reliable single indicator — sustained oil rallies above $85 typically support CAD against EUR.
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Frequently asked questions
Why is EUR/CAD less volatile than EUR/USD?
EUR and CAD often move in similar directions against USD during major macro episodes (both depreciate vs USD during USD-strength cycles), muting their moves against each other. EUR/CAD daily ranges are typically 60-100 pips, similar to EUR/USD. The pair becomes more volatile during commodity-cycle shifts (when CAD diverges from EUR) or ECB-BoC policy divergence periods.
What's the relationship between EUR/CAD and oil?
Inverse correlation — rising oil prices strengthen CAD (against EUR and other currencies), pushing EUR/CAD down. Falling oil prices weaken CAD, pushing EUR/CAD up. The correlation is most reliable when oil moves are sustained (multi-week trends); daily EUR/CAD moves are often dominated by ECB or BoC news rather than oil.
When is the best time to convert EUR to CAD?
For travelers, focus on the long-term range (1.40-1.55) rather than trying to time short-term moves. Watch ECB meetings (every six weeks) and BoC meetings (eight per year) — coordinated divergence cycles produce the largest sustained moves. Avoid converting just before ECB/BoC meetings or during commodity-data releases.
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