The Canadian Dollar is trading against the Turkish Lira at 5.78 this morning, up 0.64% with a YTD return of -0.89%. The pair’s open rate was the same as the previous close at 5.7525. The daily range should stay between 5.77 and 5.84, the 52-week range will fluctuate between 4.41 and 6.57.
CAD has gained some strength against TRY over the last year moving from the 4.50 support level, there was a surge to the 6.50 level in November but since the loonie has been trying to keep the exchange rate above 5.70.
Since July of last year, CAD/TRY has managed to reach the highest exchange rate seen in three years which is attracting the attention of bulls as there are hopes that CAD will continue to perform well as the new year progresses.
##European Euro (EUR) to Turkish Lira (TRY)
The Euro has an exchange rate of 9.00 against TRY today, up 0.16% with a YTD return of -0.62%. EUR/TRY had an open rate of 8.9869, not moving much from the previous close of 8.9868. The pair should sit between 8.96 and 9.06 throughout the day, the 52-week range is anticipated to move between 6.50 and 10.20.
EUR has been experiencing steady growth against TRY over the past two years, moving from the 6.00 support level at the beginning of 2019, to the 10.00 level by the end of 2020. This increase is anticipated to stabilizing moving into 2021; bears will be watching to see if the EUR/TRY exchange rate will stay above the 9.00 level throughout Q1.
By Surina Nath