The Canadian Dollar is trading at 1.06 against the Singapore Dollar this morning, up 0.22% with a YTD change of 2.65%. The pair’s open rate sat at the same range as their previous close at the 1.06 mark. CAD/SGD is anticipated to move between 1.0601 and 1.0637 throughout the day, the currency pair’s 52-week range is forecasted to move between the 0.98 and 1.06 levels.
At the beginning of the month, CAD/SGD was sitting at the 1.04 range but since has seen bullish growth to the 1.06 level. The last time the pair’s exchange rate reached the 1.06 support level was in September 2018.
In February 2020 CAD/SGD sat at 1.05 and then dropped due to COVID-19, now the currency pair has shown impressive recovery and growth as Q1 2021 progresses. The success of the loonie can be attributed to the continued rally in oil barrel prices.
With the ongoing distribution of vaccines, the North American currency is expected to continue performing well compared to a broad basket of currencies as large cities such as Toronto move out of lockdown and businesses are able to re-open.
Singapore was the first Asian nation to approve the Pfizer- BionTech vaccine and has continued to report far fewer daily cases compared to Canada. For months Singapore’s rate of infection has been low; restaurants, stores, movie theatres and salons have been open to the public.
Dr. Lim, medical director for the International Medical Clinic in Singapore told the Business Insider that “we still have to socially distance and wear masks, but we can now meet in groups of up to eight people.”
Regardless of what lockdown measures in Canada will look like in the coming weeks, as long as oil prices continue to rise CAD/SGD will continue to increase as well.
By Surina Nath