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The EUR/CAD currency pair, which expresses the value of the euro in terms of the Canadian dollar, is at least primarily a risk-off instrument. I say at least, because the relationship between the euro and global risk sentiment (in financial markets) is subject to change. That is, seemingly on a whim, dependent on the differences in performance across global equity indices.
If the S&P 500 (a proxy for U.S. equities) outperforms European indices, towards month- and quarter-end (and indeed, financial year-end), this can generate demand for euros as global portfolios rebalance in favor of underperforming