The Canadian Dollar is trading at 69.86 against the Argentine Peso this morning, down -0.21% with a YTD change of 5.75%. The currency pair had an open rate that was similar to their previous close at the 70.01 level. CAD/ARS day range will fluctuate between 69.66 and 70.15, the 52-week range is expected to move between 43.11 and 70.03.
CAD/ARS exchange rate has reached record highs over the past three years, which has bears hopeful that the pair will continue increasing steadily over the next few months. After jumping from 15.10 in 2018 to 28.00 in 2019, CAD/ARS surged again to the 45.00 level at the beginning of 2020.
Since the beginning of the pandemic, CAD/ARS has maintained bearish growth, each month moving closer and closer towards the 70.00 support level.
With turbulent changes in employment and housing, CAD is relying on oil barrel prices to sustain the currency’s growth in the long term. As COVID-19 vaccinations become more available across North America, restrictions are expected to begin to ease up in the coming months which will provide CAD with some long-awaited economic stimulation from industries such as retail and restaurants.
With the recent passing of Argentine president Carlos Menem at age 90, the South American nation has been in political recovery mode with hopes their loss will not cause their currency to fall even further. Compared to a broad basket of currencies, ARS will need to find some social and economic stability moving into March.
By Surina Nath