Trading EURCAD

The EURCAD is one of the most-traded currency pairs by volume. However, complexity and volatility can lead to unsettled price action. This guide will analyse the trading view of the EURCAD cross-currency pair, including historical data, long-term forex forecasts, correlation calculators, investing strategies, live charts, and more.

EURCAD Trading Brokers

OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

Trading EURCAD Comparison

Trading EURCAD Comparison
Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
65+	1.6	4 / 5	$0	NFA, CFTC	Visit
55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
50+	0.9	4.3 / 5	-	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
45+	Variable	3 / 5	$0	-	Visit
60+	14 pips	4.5 / 5	$10	-	Visit
50+	1.2	4 / 5	$10	FSC, FSA	Visit
70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
70+	0.2	3.4 / 5	$0	CySEC	Visit
70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
60+	0.6	5 / 5	$100	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit

#1 - OANDA US

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Review

Why We Chose OANDA US

OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team

GBPUSD Spread: 3.4
EURUSD Spread: 1.6
EURGBP Spread: 1.7
Total Assets: 65+
Leverage: 1:50
Platforms: OANDA Trade, MT4, TradingView, AutoChartist

About OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

Pros

Day traders can enjoy fast and reliable order execution
There's a strong selection of 68 currency pairs for dedicated short-term forex traders
The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView

Cons

There's only a small range of payment methods available, with no e-wallets supported
It's a shame that customer support is not available on weekends
The range of day trading markets is limited to forex and cryptos only

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#2 - Vantage

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Review

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
- DayTrading Review Team

GBPUSD Spread: 0.5
EURUSD Spread: 0.0
EURGBP Spread: 0.5
Total Assets: 55+
Leverage: 1:500
Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
It’s quick and easy to open a live account – taking less than 2 minutes

Cons

The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Unfortunately, cryptos are only available for Australian clients
A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side

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#3 - IC Markets

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Review

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team

GBPUSD Spread: 0.23
EURUSD Spread: 0.02
EURGBP Spread: 0.27
Total Assets: 75
Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.

Cons

While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

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#4 - AvaTrade

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Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team

GBPUSD Spread: 1.5
EURUSD Spread: 0.9
EURGBP Spread: 1.5
Total Assets: 50+
Leverage: 1:30 (Retail) 1:400 (Pro)
Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
The broker offers reliable 24/5 multilingual customer support with fast response times during testing
Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools

Cons

A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here

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#5 - FOREX.com

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Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team

GBPUSD Spread: 1.3
EURUSD Spread: 1.2
EURGBP Spread: 1.4
Total Assets: 80+
Leverage: 1:200 (Retail), 1:500 (Pro)
Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.

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EURCAD Explained

The Euro (EUR) is the official currency of respective European nations, and the Canadian Dollar (CAD) is that of Canada. The exchange rate of both currencies is impacted by respective monetary policies from the European Central Bank (ECB) and the Bank of Canada. Today, the Euro is the second most traded currency in the world, while the Canadian Dollar is the sixth.

Importantly, the EURCAD exchange rate denotes the buy or sell price of the Euro to the Canadian Dollar. For example, 1 EUR to 2 CAD means to buy 1 Euro, you will pay 2 Canadian Dollars.

Exchange rate history, future prognosis, real-time news, and decisions from central banks can all help traders make predictions about the value of the currency today, tomorrow, or several months from now.

Live Chart

History

The EURCAD is a fairly new forex pairing following the introduction of the Euro. The Euro was established as a digital currency in 1999 before gaining power as a physical asset across European Union zones. Significant economic events, including Brexit, and Eurozone performance have impacted the value of the Euro over the years.

The Canadian Dollar, originally the Canadian Pound, was developed in the 1850s and renamed to strengthen trade affiliation with the US. The value of the Canadian Dollar was set at 1.1 CAD to 1 USD until 1970 when it then became a floating currency. The Canadian Dollar is a commodity-sensitive currency with exchange rate fluctuations responding to price movements of their most lucrative export asset, crude oil.

In recent history, Covid-19 had a big impact on both currencies. As such, each region’s policies, quantitative easing, measures to prevent the virus, and vaccine implementation have come under scrutiny by investors. The region with the lowest cases and the best policies outperformed the other.

Inflation rates and the Russia-Ukraine war also destabilized the EUR, which has since been losing ground against the CAD. This is a very good example of how global political events can impact forex trading markets, even though Ukraine doesn’t directly use the Euro.

Note, the all-time high for the EUR/CAD was 1.71 in December 2008 while the all-time low was 1.21 in August 2012.

Influences On Price

Many influences can cause movements in the value of the EURCAD, lending it to various trading strategies. Fundamental and technical analysis play a key role in most strategies, helping to inform investment decisions.

Technical Analysis

Today, technical analysis for trading forex pairs such as the EURCAD typically involves reviewing price trends and patterns on graphs. Historical 5 /10/ 20 years price data and monthly average charts are available at many top brokers, including IG. In fact, most of the best brokers offer software free downloads with a suite of charts and indicators to aid with technical analysis. Competitive forward rates are also available at top providers.

Fundamental Analysis

Fundamental analysis involves looking at economic, social, and political influences on the EURCAD. For example, investors should look at Canadian GDP growth data, plus unemployment and interest rates. Lots of the best platforms for day trading currencies offer economic calendars with upcoming events, along with the latest news bulletins.

Features Of The EURCAD

The EUR/CAD is known as a cross-currency forex pair. Cross pairs are those that do not include the US Dollar and have particular features to take into account:

Uncorrelated pairs are highly volatile
Reduced exposure to exchange rate fluctuations from US Dollar sensitive events
Lower volume traded vs. major currency pairs can lead to increased price swings
Weaker liquidity may lead to increased spreads with additional pips to enter trades

Despite this, it is important to note that the value of the US Dollar can still influence price movements in the EURCAD. A strength or weakness in the USD against other currency pairs can indirectly impact cross pairs.

Use a correlation calculator to understand the variables impacting the EURCAD versus the EURUSD and USDCAD. A positive correlation indicates a forex pair that reacts in line with movements in the EURCAD. A negative correlation suggests the currency pair will move in the opposite direction.

How To Trade The EURCAD

Currency pairs such as the EURCAD are bought and sold via a network of banks and brokers in a decentralized OTC market. Traders can use CFDs, forwards and futures, options, and more to speculate on the value of the pair.

Regardless of instrument, employment rates, political events, and demand for key commodities such as oil can all impact the EURCAD.

Trading Strategies

Many forex trading styles can be used to speculate on the price of the EURCAD:

Swing – Holding positions for one or more days. Identify the market range and buy or sell according to support and resistance signals, pivot points, or other indicators.
Scalping – Opening and closing positions, usually holding for just a few minutes to take advantage of small gaps between the bid and ask price. Intraday candlestick charts are a useful tool for scalpers.
Carrying – Using a low-interest-rate currency to invest in a high-interest rate currency. EURCAD swap strategies usually involve going short. Sell the Euro to benefit from an interest rate differential between the EURCAD and your position size.

Pros Of Trading EURCAD

There are several reasons why this forex pair is popular:

High volatility – Strong market trends means greater potential to generate revenue.
Interest rates – Discrepancies between interest rates create opportunities for carry trade strategies.
Information – Plenty of financial information is available on the EURCAD exchange rate online. Data includes weekly forecasts, live exchange rate charts, and currency conversion graphs. These can all help with trader outlooks and market sentiment.

Cons Of Trading EURCAD

There are some drawbacks to consider before investing money in the EURCAD:

High risk – The volatility of the pair can create a complex environment for traders with limited experience or knowledge.
Euro cross – The Euro links make the FX pair susceptible to intense price fluctuations from political and economic events in Europe.

Best Time To Trade

The majority of price movement occurs during the crossover between the London and New York financial market sessions, 1 pm to 4 pm GMT. Keep an eye on FX spot rate real-time charts and live graphs during this time. Most popular day trading strategies can be used during this period of increased liquidity.

Final Word On Trading EURCAD

The EURCAD offers traders both liquidity and volatility. There is a wealth of market data and trading tools available at leading forex brokers to help traders take positions on the FX pair. But before you start investing money, it is important to keep abreast of factors that can influence the exchange rate, including central bank decisions, news events, and indirect impacts from US Dollar sensitivities.

FAQs

Which Monetary Authority Regulates The Canadian Dollar?

The Central Bank of Canada is the nation’s primary bank. While intervention is rare, it is worth keeping an eye on announcements from the central banking authority as they may influence the value of the EURCAD.

How Do I Read The EURCAD Forex Pair?

In this forex pair, the Euro is the base currency and the Canadian Dollar is the quote currency. The base currency signifies how much of the quote currency is needed to buy one unit of the base currency. For example, 30 EUR versus 45 CAD means to buy 30 Euro you will pay 45 Canadian Dollars.

Is The EUR Stronger Than The CAD?

The exchange rate of the EUR v CAD fluctuates daily, with forecasts from 2024 highlighting COVID-19 economic recovery, interest rates, price of oil, Russia-Ukraine war, and inflation rates as key factors impacting the strength of the two currencies.

When Is The Best Time To Trade EURCAD?

The best time to trade the EURCAD currency pair is generally during the crossover between London and New York market sessions, 1 pm to 4 pm GMT. This is where the majority of price movement will occur creating trading opportunities.

How Much Is 1 EUR To CAD?

Exchange rates for the EUR to CAD fluctuate daily, noted in historical charts by date. Live currency exchange rate charts offered by leading forex brokers show how many Canadian Dollars are needed to buy 1 Euro.