The Canadian Dollar is trading at 2.62 against the Israeli New Shekel today, down -0.26% with a YTD change of 4.19%. The pair’s open rate was 2.6342, slightly lower than their previous close at 2.6347. CAD/ILS will have a daily range between 2.63 and 2.64, the currency pair’s 52-week range is forecasted to move between 2.45 and 2.75.
This time last year CAD to ILS was trading at the 2.65 marks but after the pandemic and strict lockdown measures, the pair has experienced the lowest exchange seen in over half a decade. In May last year, CAD to ILS dropped to the 2.47 range but increased to the 2.58 level by mid-June. Throughout last summer the pair maintained bearish momentum, staying within the 2.50 support level.
Last September CAD to ILS jumped to the 2.62 level but month to month continued falling until the pair dropped to the 2.46 mark at the beginning of January. After bouncing back to the 2.50 support level throughout January and February, CAD/ILS appears to be on the road to recovery in 2021 as the exchange rate moves back towards the 2.65 level.
CAD to ILS is currently sitting at the highest exchange rate seen since pre-pandemic which has bulls hopeful that crude oil prices will continue to support the loonie against a broad basket of currencies.
Both Israel and Canada have about 2,000-3,000 daily COVID-19 cases but with the distribution of the vaccine underway in both nations, the rate of infection is expected to drop at similar times. Israel just celebrated its 5 millionth coronavirus vaccination and Canada has been lifting lockdown restrictions this week which will allow for more economic stimulation and growth in the currency market for CAD to ILS.
By Surina Nath