The Canadian Dollar is trading at 126.29 against PKR this morning, up 0.54% with a YTD change of 0.86%. CAD/PKR had an open rate of 125.61, the same as their previous close. The pair’s daily range should sit between 125.61 and 125.74, the 52-week range is expected to fluctuate between 109.26 and 127.73.
Similar to USD, CAD has performed well against PKR. After jumping from the 105.00 support level in the middle of 2019 to the 124.00 level, the loonie has maintained bearish growth. After the pair fell to the 109.00 level at the beginning of the pandemic, the Canadian Dollar has recovered well compared to PKR as the exchange rate has stayed above the 120.00 level since June 2020. Bearish traders will be watching to see if CAD will continue to gain traction against PKR as Q121 progresses.
The US Dollar is trading against the Pakistani Rupee today at 160.55, up 0.19% with a YTD return of 0.23%. The pair’s open rate was 160.54, increasing slightly from the previous close of 160.244. USD/PKR is anticipated to stay between 160.12 and 160.79 throughout the day, the 52-week range will move between 153.38 and 168.91.
After a plateau from 2016 to 2017 below the 110.00 level, USD has established continuous growth, surging to the 120.00 level by the end of 2018 then again jumping to the 150.00 level by the end of 2019. By fall 2020, USD/PKR has managed to reach a 5-year high with an exchange rate of 168.40 which attracted many bullish traders, and moving into 2021 the USD is expected to maintain bearish growth.
Many have been “intrigued by the forex pair’s rather quiet trading the past few weeks” as USD/PKR traders “suspect that a potential bearish cycle is about to be renegaded” which would be a worthwhile investment in risk-taking is managed efficiently according to Daily Forex.
By Surina Nath