Convert Currencies and adjust by rates

Hi, this is my first post in the forum and I'm not very knowledgeable in Excel. I'm a student and received the software from my University. I'm doing a semester abroad and thought I'd use the calculations I'd like to do as a learning task for Excel.

So here's what I want to do:

List all the funds that I receive in my home-currency (Euro, if it matters at all) and subtract everything from it in the foreign currency (Canadian $)

So I can keep track of everything much better it I see the item's price in Euro.

I already figured out how to create the sheets and tables. And I read about all the basic functions I need. But what I have so far is for example:

2000 € | =(M2)*1.500 so this gives me the amount in CAN$, but the rates are changing. I have entered the conversion rate in multiple cells and wouldn't want to change them individually.

The question(s):

a) is there a way to directly tell Excel that I want to convert currencies so it can update the rates using the internet directly?

b) can I assign values x and y, x being the rate €-->$ and y being $-->€ , so that I can change those values with the rates.

Thank you so much for your tipps!

Thank you so much. This is exactly what I was looking for.

But how can I add the other exchange rate as well to this live update?

1 CAD
0.6xxxx EUR?

Thanks for your reply. I mean I know the math obviously, I was actually curious about how to edit this. So let's say I want to add taiwanese dollar. How can I populate the cells below to make them change irt as well? I tried changing the currency code and the link but I suspect this has to be edited, changed somewhere else in the Macro? Maybe this is a little to much then for the beginning, I should rather concentrate on the basics first. Anyway, I will be able to work with what you've provided me with.