When I have a long forward position on EUR
and the spot rate is 1.64 CAD/EUR
the forward rate is 1.63 CAD/EUR
wheres the question?
Which currency has higher interest rate?
Euro.
BTW, being long or short is irrelevant to answering this specific question
The EUR is trading at a Forward Discount.
So according to covered interest rate parity, I would say that the EUR has higher rate, hence depreciates.