The Canadian Dollar is trading at 6.04 against the Turkish Lira this morning, down -0.27% with a YTD change of 3.41%. The pair’s open rate sits at the same mark as their previous close at 6.0566. CAD/TRY will move between 6.04 and 6.09 throughout the day, the pair’s 52-week range is expected to move between 4.41 and 6.57.
After falling to the 5.40 support level this time last month, CAD/TRY jumped back up to the 5.80 level by the end of February and has climbed to the 6.00 range as March progresses. The currency pair has now returned to exchange rates that were last seen at the end of 2020 and continue to stay at the highest rate seen in over 5 years.
Despite high unemployment rates and a rise in COVID-19 case numbers, the loonie is still expected to perform well against a broad basket of currencies due to the ongoing rally in crude oil prices. With more vaccines being distributed on a daily basis and lockdown restrictions being lifted in smaller Canadian cities, the country has been slowly re-stimulating the economy, placing CAD in a favourable position moving into Q2.
Turkey has seen a re-surge of COVID-19 numbers but the Daily Sabah reported that Tukey has “successfully employed a measured approach that included a speedy vaccination program” which has government officials hopeful that tourism will be the leading force in their economy’s recovery from the pandemic.
TRY may be able to bounce back if international tourism resumes by the end of the summer. The European nation still remains a popular travel destination, and as long as travel bans are lifted, analysts predict a travel increase of “150% compared to 2020.”
By Surina Nath