Would The Euro Or The Canadian Dollar Come Out On Top?

Posted March 10, 2011

When 2010 finally came to an end, the Euro finished the year off with an exchange rate of 1.3322 against the Canadian dollar. But would 2011 proceed with a better or worse rate during January on the currency converter? Let’s find out what actually happened and which of the two currencies would be better off come the end of the month.

 

The first week certainly produced some interesting figures, but not as far as the Euro was concerned. After a few short days of tussling backwards and forwards it became clear that the Canadian dollar was up for a fight. By the time the first week had ended the exchange rate had changed to 1.2867. Quite a dip for the Euro, and it made us wonder whether it now had too much work to do over the remainder of the month.

But if we thought the rest of the month was not enough time to rectify things, we were wrong. It would appear that the following week was all they needed to succeed in ensuring the Euro was back in charge again. By the time the week was up we saw the Euro with an exchange rate of 1.3300.

This was the mid-month point too, as near as could be, and it gave us an interesting point to look back on. You see, for the rest of the month it seemed as though the Euro had learned its lesson and was now intent on making sure it could improve on its results. One week later it was going into the weekend on a rate of 1.3475, so we could see steady progress for sure.

But the difference was even more pronounced by the end of the next week – the last complete week in the entire month. By then the Euro was claiming 1.3644 against the Canadian dollar. With just one more trading day to go it finished the month on 1.3679 – a great result for the month and one that perhaps we were not expecting. It was certainly something to celebrate.