The Canadian Dollar is trading at 2.87 against the Polish Zloty by the end of this week, up 0.48% with a YTD return of -2.14%. The pair’s open rate sits at 2.8606 compared to a previous close of 2.8604. The daily range will fluctuate between 2.85 and 2.87, the 52-week range is forecasted to move between 2.73 and 3.02.
After dropping below the 2.80 support level at the beginning of August, CAD/PLN experienced an upward trajectory moving into November passing the 2.95 level. As November progressed the currencies have seen a downward trend slipping below an exchange rate of 2.86 but are looking to gain traction moving into December.
The Euro has an exchange rate of 4.46 against the Zloty, down -0.05% with a YTD return of 5.15%. The pair’s open rate is the same as the previous close of 4.4695 with a daily range moving between 4.46 and 4.48. EUR/PLN 52-week range is anticipated to stay between 4.42 and 4.64.
Dropping from a yearly high at the 4.60 support level by the end of October, EUR/PLN has managed to stay above the 4.45 level as the first week of December concludes which may cause traders to follow bullish trends with hopes the pair’s exchange rate will recover in the coming weeks.
FXStreet reports that the upside pressure on EUR/PLN has been driven by the prospect of a bleak winter due to COVID-19 restrictions imposed by Poland’s main trading partners in the EU as they attempt to regain control over the pandemic. “Those measures have already caused a slowdown in economic activity in Q4. The dispute over the rule of law mechanism between Poland/Hungary and the rest of the EU is also a source of upside pressure on EUR/PLN.”
By Surina Nath