Posted August 26, 2010
This isn’t a currency pairing we look at very often, and yet the two currencies are regarded as being among the main global currencies in existence. So let’s put that right today by looking to see which one came out on top in the currency converter for July.
The closing figure for June was 1.2890 for the Euro against the Canadian dollar, so we were looking for any improvement on that. And the first change in that figure was certainly an improvement, with the currency claiming 1.3340 at the close of the first day of play in July. But was this a blip or the start of something bigger?
There was an immediate drop back to 1.2890 the following day, but then the Euro regained its footing after that trip and finished on 1.3340 the day after. The next couple of days saw some tussling between the two currencies before the week as a whole finished with the Euro on 1.3311.
So things had started off well for the Euro on the whole, and the next major move we saw was on the 13th. However this move went in favor of the Canadian dollar, as it managed to push the Euro back to 1.2978. This momentary display of power didn’t last very long though, as the Euro went up to 1.3157 the following day.
We had a feeling the Euro would prove to be the stronger currency for the moment at least. This was borne out the next day as it added another short term jump to the previous one. This saw it claiming a rate of 1.3201 and that changed very swiftly to 1.3586 to close out the week. It was so far so good for the Euro – and the Canadian dollar didn’t seem to have much in the tank to trouble it with.
The following week started well too, with the Euro bouncing up to 1.3667 and seemingly knowing no bounds when it came to higher exchange rates. But could it last through the second half of the month as well?
The following day dropped to 1.3583 and when the day after that went down to 1.3284 it was clear the Canadian dollar was trying to fight back. A week ending rate of 1.3386 gave the Euro something to think about, before coming back the following week to close out Monday on a slightly better 1.3395.
So did the Euro have enough left to worry the Canadian dollar in the last few days of the month? After a few minor peaks and troughs here and there, the Euro managed to claim a rate of 1.3504 on the 29th. But it seemed to have peaked slightly too soon and the closing rate for July turned out to be slightly lower on 1.3454.
However this was still much better than the figure it had ended June with, so all in all the Euro had a successful improvement against the Canadian currency in July.