Aims: Study the high-mass X-ray binary X-7 in M33 using broad-band optical data. Methods: We used recently published CFHT r' and i' data for variable stars in M33 to extract the light curve of the optical counterpart of X-7. We combined these data with DIRECT B and V measurements in order to search for an independent optical modulation with the X-ray periodicity. The periodic modulation is modelled with the ellipsoidal effect. We used UBVRr'i' magnitudes of the system to constrain the temperature and radius of the optical component. Results: The optical data revealed a periodicity of 3.4530 +- 0.0014 days, which is consistent with the known X-ray period. Double modulation, which we attributed to ellipsoidal modulation, is clearly seen in four different optical bands. The absolute magnitude in six optical bands is most consistent with a stellar counterpart with 33000