I am having a hard time understanding the rules for computing the final answer. I clearly understood FX in the Econ Level 1 section. My brain needs a kickstart here.
If you have CAD and want to buy EUR, the bank will charge you the higher CAD/USD price to sell you USD, then charge you the higher USD/EUR price to sell you EUR.
If you have EUR and want CAD, the bank will pay you the lower USD/EUR price to buy your EUR, then pay you the lower CAD/USD price to buy your USD.
I get it now. We multiple the bid quotes, which leads to crossing out the USD. Likewise for the ask quotes. Hence the products form the bid/ask spread for the CAD/EUR.