The value of the euro in comparison to the Canadian dollar is reflected by the EUR/CAD Spot price, with the figure representing the number of dollars an investor can expect to receive for each euro.
Since being introduced in 1999, the euro has been adopted by 17 of the European Union's 27 member states, with a further five nations also using the money.
The currency is mostly influenced by economic factors such as the performance of countries in the eurozone and the interest rate decisions of the European Central Bank.
However, a key downward pressure in recent times has been the level of sovereign debt in certain nations, with their budget deficits in theory meant to be kept under three per cent of their GDP.
In addition to this, political problems and the difference in bond yields between the US and Europe are vital.
The Canadian dollar is similarly affected by economic and political factors, but is also heavily influenced by the fluctuations of certain commodities, such as oil, wood pulp and aluminium
As currencies, they are both considered to be 'majors' as they are in the top ten traded monies in the world - the euro is in second place and the dollar in seventh.
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