The CAD to MYR exchange rate is currently range-bound.
Key drivers include:
- Interest rate differential: The Bank of Canada's current rate of 2.25% is being maintained, which contrasts with predictions of future rate cuts from the U.S. Federal Reserve, potentially influencing the CAD negatively.
- Oil prices: With crude oil hovering around $57, the CAD could be weighed down as current prices are below the three-month average, impacting Canada's export revenues.
- Economic outlook: Canada's recent job gains are a positive sign, but ongoing factory downturns may limit growth, affecting CAD strength.
Expect the CAD to MYR exchange rate to trade within a stable range, considering recent data.
Upside risks include a significant rebound in oil prices, which could enhance the CAD's value. Conversely, a downturn in global risk sentiment could apply downward pressure on the MYR, thus affecting the CAD/MYR rate further.