Trading the Euro against the Canadian dollar, the EUR/CAD currency pair offers many opportunities for experienced forex traders to generate profits. This is because this forex pair enjoys higher true range on average in comparison with other major currency pairs, making it an interesting pair for both intra-day as well as swing trading.The EUR, which is the second most traded currency in the forex market is considered a stable, reserve currency, similar to the US dollar. On the other hand, the CAD is known as a commodity currency as its value is closely interlinked with that of crude oil prices, since crude oil is a key export out of Canada. Whenever the prices of crude oil rise, the Canadian dollar strengthens, turning this pair bearish and vice versa.The exchange rate of the EUR/CAD sees high volatility upon the release of important economic data from the Eurozone and Canada, including GDP, inflation, employment, business sentiment, trade balance and consumer confidence figures. In addition, the value of the EUR and CAD are also impacted by monetary policy and interest rate decisions taken by the European Central Bank (ECB) and the Royal Bank of Canada (RBC).