The Argentine Peso is trading at 0.0148 against the Canadian Dollar, down -0.25% with a YTD change of -2.32%. The open rate and previous close were the same as the pair’s current exchange rate. Today ARS/CAD will range between 0.0148 and 0.0149, the 52-week range is forecasted to move between 0.0147 and 0.0232.
Over the last five years ARS has steadily lost momentum against the loonie; at the beginning of 2017 ARS/CAD was trading at the 0.08 level, in January 2018 0.06, and in 2019 dropping even further to the 0.02 level. When the pandemic hit last March ARS/CAD had an exchange rate above 0.02 but since has been on the decline with a weak start to 2021.
Bulls in favor of CAD are seeing the benefits of rising employment numbers in North America and the distribution of the COVID-19 vaccine compared to Argentina but the continued strength of the dollar will be tested due to oil prices and the Keystone XL pipeline.
ARS is trading against the US Dollar at 0.0116 this morning, down -0.39% with a YTD return of -2.32. The pair’s open rate was the same as the previous close at 0.0117, the daily range is expected to stay at the 0.0117 level as well. ARS/CAD 52-week range is anticipated to move between 0.0116 and 0.0167.
With minimal growth anticipated for ARS in the coming months, traders will benefit from the steady drop ARS/USD has been experiencing. At the beginning of 2018 the pair was at the 0.05 level but dramatically dropped to the 0.02 range as 2019 approached. Bullish trends are forecasted to continue as ARS continues to lose value due to the nation’s relentless economic crisis.
Daily Forex reported that “traders who want to be buyers of USD/ARS should use limit orders to open positions, so they are not killed by price fills which may look bewildering by a lack of volume in the forex pair which can affect values.”
By Surina Nath