CAD to LKR Daily Overview: November 24th

CAD to LKR Daily Overview: November 24th

The Canadian Dollar has an exchange rate of 142.28 against the Sri Lankan Rupee this morning, up 0.47%. The pair’s YTD return is 2.09% with an open rate of 141.64 and a previous close at 141.61. The day range of CAD/LKR will stay between 141.64 and 142.69, the 52-week range will fluctuate between 127.22 and 143.09.

CAD has been moving in an upward trend, reaching the highest exchange rate since late-August. This pattern may cause investors to follow bearish trading tendencies due to the unpredictability of the market following the second wave of lockdown measures in Canada.

Over the past 5 years there has been growth in favor of CAD, whether this momentum will continue moving into FY21 will be dependent on how the Canadian economy bounces back following the recent rise in COVID-19 numbers.

On Monday Sri Lanka’s main stock index closed lower than anticipated which has sent industrial and healthcare companies in a downward economic trend. Reuters reported that “Sri Lanka’s national consumer price inflation rose 5.5% year-on-year in October compared to a 6.4% rise in the previous month” according to the countries statistics department data.

CAD/LKR should continue to maintain their current support levels moving into December. Traders will be watching the pair to assess if/when inflation rates in Sri Lanka will stabilize, which could cause CAD to lose some traction.

Mahinda Rajapaksa, Sri Lanka’s finance minister presented the countries annual budget for 2021 last week and said their economy aims to recover more than half of their fiscal deficit over the medium term.

By Surina Nath

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