The Canadian Dollar is trading at 1.04 against the Singapore Dollar, down -0.21% with a YTD return of 1.06% as this week begins. The open rate sits at 1.0459 compared to the previous close of 1.0475. The pair’s daily range will stay between 1.0445 and 1.0487, the 52-week range is anticipated to fluctuate between 0.98 and 1.06.
Over the last month, CAD has strengthened moving from the 1.02 support level to the 1.04 which is the highest exchange rate that has been reported since the beginning of September. Since dropping below the 1.00 level when the pandemic hit in March, CAD/SGD has faced continuous fluctuations trying to get back to the 1.05 seen in February, but traders should see bullish trends as this month progresses since the market is moving in favor of CAD.
US Dollar (USD) to Singapore Dollar (SGD)
The US Dollar is trading against SGD at 1.33, down -0.13% with a YTD return of -0.85%. The open rate for USD/SGD today was at 1.3362 compared to the previous close of 1.3368. The daily range will stay between 1.3316 and 1.3370, the 52-week range is forecasted to sit between 1.33 and 1.46.
USD/SGD was at the 1.42 support level in the middle of May but since then, USD has lost momentum, steadily dropping from the 1.39 exchange rate to below the 1.34 level. The pair is now trading at a yearly low, causing traders to act bearishly until the USD recovers. With political instability and anticipated inflation rates, the US likely to see improvements in 2021 due to an increase in tax revenue collections.
By Surina Nath