The Canadian Dollar is trading at 57.45 against the Indian Rupee today, down -0.07% with a YTD return of 0.25%. CAD/INR had an open rate of 57.55 this morning which was higher than the previous close of 57.49. The pair’s daily range should sit between 57.45 and 57.55, the 52-week range is estimated to move between 51.07 and 57.93.
CAD has continued to show bearish growth as January progresses as the exchange rate against INR continues increasing within the 57.00 level. After dropping to the 55.00 level in October, traders should feel hopeful that CAD/INR will maintain growth in the coming weeks as barrel prices continue to rise.
CAD is forecasted to swing back to the 58.80 level that was seen last week as “the continuation of the rally in the oil market provides support to commodity-related currencies” such as the loonie. “If WTI oil moves towards the $55 level” CAD may be boosted to an even higher exchange rate than anticipated according to FX Empire.
INR is seen as one of the leading emerging market currencies in Asia but traders are at a risk on the standpoint in the long term which could result in more growth across the pond in Canada. With new lockdown measures and coronavirus vaccinations being distributed, bulls will be watching and waiting to see if CAD continues to rally.
INR is still putting up a fight against CAD; India’s strong interest rates are helping keep them in the game and these rates are a leading factor to why the country “has a rapidly growing dynamic economy that a lot of people equate with the idea of global growth.” Interest rates aside, INR will continue to lose ground if Canada is able to get COVID-19 under control in a timelier manner.
By Surina Nath