CAD to PLN Daily Overview: January 29th

CAD to PLN Daily Overview: January 29th

The Canadian Dollar is trading at 2.91 against the Polish Zloty this morning, down -0.17% with a YTD return of -0.36%. The currency pair’s open rate was the same as their previous close at 2.92. CAD/PLN rate will move between 2.91 and 2.92 today, the 52-week range is expected to fluctuate between 2.73 and 3.02.

After jumping from an exchange rate of 2.89 to 2.96 throughout January, CAD/PLN has lost momentum moving back towards the 2.91 support level, PLN is now approaching a near one month low and forecasted to fall even further.

There is hope that CAD/PLN will continue to gain strength in the coming weeks due to crude oil prices but bearish trading tendencies will still be prevalent moving into February as the new strain of the coronavirus is anticipated to impact markets globally.

With overnight losses across the global stock market due to high valuations and ongoing COVID-19 concerns, many were prompted to sell global stocks “but they were still trading comfortably positive for the year, having rallied to record highs recently” according to Reuters.

From technology to renewable energy, the stock market has experienced ongoing volatility which will impact the long-term success of North American companies such as Blackberry and GameStop. The record highs are being reached and have attracted bulls who are buying in and selling quickly, a trend that is likely to continue in the coming weeks.

The chief investment officer at UBS Global Wealth Management, Mark Haefele said that “after a rally of this magnitude, and with stocks so close to record highs, it is understandable that near-term uncertainty is leading to an increase in volatility.”

“However,” he continues, “attention will likely shift back to earnings, stimulus and, the vaccine rollout” which will be leading factors to the success of exchange rates such as CAD/PLN.

By Surina Nath

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