How to forecast EUR/CAD price performance?

Technical analysis is of paramount importance in forecasting the EUR/CAD price performance both for the long and short term. TU experts use various methods of technical analysis (patterns, indicators, support and resistance levels, etc.) for making the forecast. The EUR/CAD is considered a minor currency pair.

Why does the USD appreciate compared to the CAD?

On the other hand, when interest rates in the US are higher than those in Canada, the USD typically appreciates relative to the CAD. This is because higher interest rates in the US make the USD more attractive to investors looking to earn higher returns.

What's going on with the USD/CAD?

This year has been a wild roller-coaster ride for the USD/CAD. The currency pair swung sharply from the lows to highs, touching an 18-month peak in May. The volatility has continued amid tightening monetary policy, cooling oil prices and the expected slowing US economy, Canada’s main trading partner.

What is the long-term forecast for USD/CAD in 2024?

In 2024, the USD/CAD was estimated to trade at 1.22 in the first quarter of 2024 and close the year at 1.25. The analysts did not provide the long-term USD/CAD forecast beyond 2024. Algorithm-based price prediction service Wallet Investor does provide long-term projections using USD/CAD historical price.