The Canadian Dollar is trading at 38.51 against the Philippine Peso this morning, down 0.04% with a YTD return of 2.23%. The pair’s open rate was sitting at 38.47, down from their previous close at 38.52. CAD/PHP is expected to move between 38.44 and 38.53 throughout the day, their 52-week range is forecasted to move between 35.60 and 39.36.
CAD/PHP has returned to pre-pandemic exchange rates; after dropping from 39.00 to the 35.00 support level last March, the currency pair has consistently grown over the year, making its way back to the 38.00 marks.
Over the last month, CAD/PHP jumped to the 39.00 marks but has lost some momentum as April approaches. After several weeks of rallying due to crude oil prices, the loonie is beginning to shift its reliance on economic stimulation from retail and restaurant sales. With COVID-19 numbers on the rise, bears will be watching to see if CAD experiences a downward trend if lockdown measures are reinstated.
The Philippine Peso remains unchanged as the country’s stocks dip moving into Easter weekend, Luis Limlingan, the head of sales at Regina Capital Development Corporation said “Philippine shares closed the last trading day of the quarter on the red as shares came under pressure again across the region after the 10-year (US) Treasury yield touched its highest level seen since January 2020.”
Oil prices have been dropping globally after the Suez Canal was reopened on March 29th, this is causing CAD to experience some pressure moving into Q2 as the loonie has been reliant on crude oil over the last few weeks.
By Surina Nath