Canadian Dollar - Philippine Peso Forecasting
When determining the best time to make a foreign exchange transaction, in this case the CAD vs PHP, you should pay attention to the recent market trends for both currencies.
Canadian Dollar (CAD)
The combination of an eroded US interest yield advantage, a broadly positive riskon mood and renewed euro demand, could be a catalyst to push the Canadian dollar along. The combination of an eroded US interest yield advantage, a broadly positive riskon mood and renewed euro demand, could be a catalyst to push the Canadian dollar along.
The Canadian dollar was range bound during the second half of 2019 oscillating between US75c and US76.5c. Mid-year the loonie stormed ahead in June and July, rising to what turned out to be the 2019 high against the US dollar of US76.7cents and to 8-month highs against the euro, pound, Australian and New Zealand dollars. Against the Aussie, a minimal additional increase would take CAD to a 9-year high.
Supporting the loonie was a 10 percent rise in the oil price (oil is among Canada’s most exported products but is volatile and can’t be relied upon), a large and welcome jump in inflation, and dovishness at major central banks of the world, including the Federal Reserve, ECB and RBA.
Read more in the article CAD Forecasts.
Philippine Peso (PHP)
In September 2020 the Philippine peso climbed to a three-year high against the US dollar. Migrant workers from Asia’s developing countries, such as the Philippines, have been sending home record amounts of money in recent months, defying pandemic expectations and propping up home economies at a critical time.
However, it appears workers are just sending money home in advance of their own return due to a bleak job market, particularly in the Middle East.
The Philippines government, expects almost 300,000 overseas Filipinos to come home this year, with potentially severe consequences as remittances make up about 10% of the economy.