The Canadian Dollar is trading at 3.13 against the Malaysian Ringgit this morning up 0.18%. The open rate sits at 3.1335 compared to the previous close at 3.1326. The pair has a daily range between 3.1294 and 3.1398 and a 52-week range that is expected to stay between 2.99 and 3.19.
With a YTD return of 0.04%, CAD is gaining some momentum compared to MYR but traders are likely to follow bearish trends in the weeks to come. Since the CAD/MYR exchange rate dropped in November to the 3.11 support level, bounced back mid-November reaching the higher end of the 3.16 level, and then declined again to a rate within the 3.12 range, the Canadian Dollar is expected to still struggle to hit high support levels moving into December.
In order to get back to the 3.19 level that was reached in September, traders will be reliant on Canada’s success with COVID-19 vaccinations as well and a recovery in oil prices. According to UOB Group’s Quarterly Global Outlook, MYR could retain extra buying interest in the medium-term horizon.
“We expect the MYR to continue its modest gains alongside stable crude oil prices above USD 40/ bbl over the next few quarters” reported FXStreet.
The US Dollar is currently trading against MYR at an exchange rate of 4.07, up 0.13% with a YTD return of -0.42%. USD/MYR has a daily range between 4.06 and 4.07 and a 52-week range fluctuating between 4.05 and 4.44.
By Surina Nath