He also had short spells in Spain, Brazil, Mexico and Cyprus, finishing as the Cypriot First Division's top scorer as APOEL won it in his final year as a professional.

Born in O'Brien, Buenos Aires Province, Cavenaghi played for Rivadavia de Chacabuco and Bravado in the regional leagues between the ages of nine and twelve.

In July 2004, Cavenaghi moved abroad for the first time, joining Spartak Moscow for a fee of US$12 million, then a record for a Russian team.

He failed to adapt to Russian football, and was frozen out of the team following the arrival of manager Vladimir Fedotov in April 2006, whom he publicly criticised for his tactics.

[8][9] In his first season, Bordeaux won the Coupe de la Ligue with a 1–0 win over Lyon in the final, with Cavenaghi an unused substitute.

[11] The Girondins won their third honour of the calendar year on 25 July 2009 as they retained the Trophée des Champions with a 2–0 win over Guingamp in Montreal, Cavaneghi scoring the opening goal for Laurent Blanc's team.

[13] He scored six goals in 13 total games for the Balearic club, all in the form of braces against Real Sociedad in La Liga, and Sporting Gijón and Almería in the Copa del Rey.

[20] He totalled 19 appearances and four goals for the "Yellow Submarine", but cut his stay short in January 2013 Cavenaghi when he signed for Pachuca of the Mexican Liga MX.

Winning the Copa Libertadores would make River Plate eligible to play in the 2015 FIFA Club World Cup in Japan representing CONMEBOL.

He helped APOEL to win the Cypriot First Division title,[24] and despite playing his last match on 10 February 2016, missing the last three months of the season due to his injury, he also won the top goalscorer award with 19 goals in only 18 league appearances.

[27] His serious knee injury eventually forced Cavenaghi to retire from the professional scene, making the official announcement through a YouTube video on 27 December 2016 at River Plate's El Monumental in Buenos Aires.

[33] Argentina finished fourth and Cavenaghi was one of four top scorers with four goals apiece, though the Golden Shoe award went to Eddie Johnson of the United States.

[34] He had then the fifth better goal average in River Plate history, very close to Alfredo Di Stéfano, but he missed the 2004 Summer Olympics, won by Bielsa's team.