The Canadian Dollar is trading at 15.57 against the Mexican Peso today, up 0.06% with a YTD return of -0.33%. The pair’s open rate at 15.57 is the same as the previous close. CAD/MXN will have a daily range between 15.58 and 15.68, the 52-week range will move between 13.97 and 18.18.
After reaching a high at 15.77 last week, CAD/MXN has been losing momentum as the exchange rate drops below the 15.60 support level. Bears will be on standby as there is a possibility for the currency pair to drop below the 15.44 level that was reached at Christmas.
A surge is possible if the Canadian employment rate continues to rise, but as this weekend MXN continues to gain strength over the North American currency. This will attract the attention of bulls moving into next week with hopes the peso continues to grow.
The US Dollar is trading against the Mexican Peso at 19.79 today, down -0.77% with a YTD change of -0.43%. USD/MXN had an open rate at 19.79, the same as the previous closing rate. The pair’s day range will move between 19.73 and 19.88, the 52-week range will fluctuate between 18.49 and 25.78.
After reaching the 20.06 support level on Monday, USD quickly lost strength as this week progressed as the USD/MXN exchange rate dropped below the 19.80 level. Traders will be watching to see if USD/MXN will dip below 19.70 by the end of January.
The pair have proved that “bullish momentum can be produced” as this year begins, USD/MXN “has seen bears emerge again and show that they can still dominate the trading landscape” according to Daily Forex, but over the last week, USD/MXN has been a difficult investment for traders with a bearish position due to ongoing political instability.
By Surina Nath