The currency pair EURCAD is considered rather popular among traders, and the close economic relations between Canada and the European Union give to the couple even more stability and strengthen its positions in the market. Canada and the European Union - two economically developed countries in which today the GDP level is considered one of the highest in the world. The highest trading activity on this couple can be observed during the work of the European and North American exchanges.
Trading a currency pair EURCAD, it is worth paying attention to its dependence on other, more significant trading instruments: EURUSD, GBPUSD and USDJPY. They can be considered indicators of price movement for EURCAD as changes in these couples reflect the potential of “rival currencies” of the Canadian dollar. Canada is considered one of the largest oil exporters, therefore, its national currency is strongly dependent on the world price of “black gold”. Often at brokers the spread of cross-rates is overestimated therefore before starting work with the EURCAD tool, it is necessary to examine thoroughly the existing trading conditions.