The Canadian Dollar is trading at 2.89 against the Polish Zloty this morning, down -0.11% with a YTD return of -1.21%. The pair’s open rate was 2.8953, very similar to the previous close of 2.8956. CAD/PLN exchange rate should sit between 2.88 and 2.90 throughout the day, the 52-week range is expected to move between 2.73 and 3.02.
After dropping below the 2.80 support level in summer 2020, CAD/PLN has managed to recover but the strength of the loonie has been in flux which is causing traders to follow bearish tendencies.
At the beginning of November, the pair’s exchange rate almost reached the 3.00 support level but the growth wasn’t sustained as CAD/PLN dropped to the 2.85 level in December. As we welcomed the new year the pair jumped again with a rate of 2.93 but has lost momentum during the first week of 2021.
The Euro has an exchange rate of 4.50 against PLN, down -0.38% with a YTD return of -1.30%. The open rate is the same as the pair’s previous close at 4.5256. EUR/PLN day range will stay between 4.49 and 4.52, the 52-week range is forecasted to be 4.20 and 4.64.
EUR has managed to maintain strength since April 2020 jumping from the 4.20 support level to the 2.50 level which is a 5-year record high for EUR/PLN; bulls have been watching to see if more growth is in the cards for the Euro but the market has proved to be quite volatile within the last year.
Bloomberg reported that “The zloty pared gains against the euro after breaching a threshold seen as a possible trigger point for central bank intervention.”
By Surina Nath