The Canadian Dollar is trading at 37.54 against the Philippine Peso today, down -0.04% with a YTD return of -3.29%. The open rate sits at 37.57 compared to the previous close of 37.56. The pair’s daily range is anticipated to stay between 37.49 and 37.59, the 52-week range should fluctuate between 34.89 and 39.52.
Over the last month, CAD has gained traction moving from the 36.00 support level to 37.00. CAD/PHP has experienced some turbulence since the end of September when the currencies reached a yearly low at the 35.00 level. The last time CAD/PHP tried to recover from a drop in the market was in May 2017 when a low of 36.31 was reached. Traders can anticipate bearish patterns as December progresses as COVID-19 vaccinations drive the global economy.
Bloomberg reported that PHP “which lagged behind its peers in Asia this quarter, may get a boost in December with millions of Filipinos abroad set to send record amounts of money home to help families suffering from and pandemic and the recent typhoons.”
Remittances being sent to the Philippines have increased rapidly increased, “more than $30 billion” was sent in 2019 which was the highest level reached since 2009. The strength of PHP is expected to gain support as 2020 wraps up since remittances to the country “unexpectedly climbed 9.3% in September” year-over-year.
If you’re looking to send remittances to the Philippines, use Remitbee’s online money transfer service. With low fees and reliable customer service, Remitbee is here to help you send money abroad with ease.
By Surina Nath