EUR/CAD(Euro Loonie)

What is EUR/CAD?

EUR/CAD pairs the Euro against the Canadian Dollar. The CAD half is correlated with crude oil prices — Canada is the fourth-largest oil producer globally. When oil rises, CAD strengthens and EUR/CAD typically falls.

The pair trades in tighter ranges than most EUR crosses because ECB and BoC policy often moves in similar directions. Daily ranges of 70 to 110 pips are typical, expanding during BoC or ECB events.

Base currency

EUR (Euro, Eurozone)

Quote currency

CAD (Canadian Dollar, Canada)

Pip location

4th decimal (0.0001)

Volume share

under 1% of daily global forex turnover

When to trade EUR/CAD

The London-NY overlap (8 to 11 AM ET) is the prime window. Canadian markets open during NY hours, so this window captures both Eurozone activity and the bulk of CAD-side flow.

Avoid the Asian session entirely — CAD activity is thin and the pair drifts in 15-25 pip ranges with wider spreads.

Best session

London + NY overlap (8 to 11 AM ET)

Avoid

Asian (low CAD activity)

News events that move EUR/CAD

BoC and ECB rate decisions produce the largest moves (100-180 pips typical). Crude oil is the wildcard driver: EIA inventory releases (Wednesdays 10:30 AM ET) can move EUR/CAD 40-60 pips when prints surprise either direction.

Eurozone CPI and Canadian CPI are secondary drivers, typically producing 40-60 pip moves.

Central banks

European Central Bank (ECB), Bank of Canada (BoC)

Key releases

ECB rate decisions, BoC rate decisions, Crude oil, Eurozone CPI, Canadian CPI

Want the full event calendar? See the economic calendar, and look up unfamiliar terms in the forex glossary.

EUR/CAD FAQ