The Canadian Dollar is trading at 126.62 against the Pakistani Rupee this morning, up 0.46% with a YTD change of 1.12%. The pair’s open rate is the same as the previous close at 126.04. CAD/PKR will have a daily range between 126.52 and 127.01, the 52-week range will fluctuate between 109.26 and 127.73.
CAD continues to gain momentum after dropping to the 124.00 support level at the end of December. After staying within the 125.00 level at the beginning of January, CAD has been on the rise which should pique the interest of bears by the week’s end.
Despite Canada facing new lockdown restrictions, the distribution of the COVID-19 vaccine, decreasing unemployment rates, and strong oil barrel prices continue to back CAD. If CAD/PKR manages to reach an exchange rate within the 127.00 range by the end of January, the pair will attract bulls’ attention.
The US Dollar is trading against PKR at 160.52, up 0.17% with a YTD return of 0.57%. The open rate was also the same as the previous close of 160.25. The currency pair’s daily range should sit at 161.22 throughout the day, the 52-week range will move between 153.14 and 169.80.
After dropping to the 159.00 support level at the end of 2020, USD/PKR jumped to an exchange rate of 160.99, then fell to 159.82 within the first week of 2021. After rebounding to 160.48 at the beginning of last week, USD has maintained bearish growth within the 160.00 support level.
The US still faces political and social instability after the attack on Capitol Hill. As the dust settles and Biden prepares his transition into the White House, traders should maintain bearish tendencies as January progresses.
By Surina Nath