The loonie is set to fly south — deep south, says TD Economics

Financial Post | Business

If you look at the fundamental factors driving the Canadian dollar, we think the outlook is all down

[np_storybar title=”What’s in store for the loonie with Poloz steering central bank ship?” link=”http://business.financialpost.com/2013/05/03/canadian-dollar-stephen-poloz/”]Will a ‘trade guy’ at the helm usher in a weaker dollar and lower borrowing costs. The pundits weigh in
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The loonie is set to fly south — soon, say TD economists, who are leading the bears with their forecast that Canada’s currency will drop as low as 90 US cents over the next year.

In “The case of a weaker loonie,” the economists say several recent trends have led them to lower their forecast for the Canadian dollar: A decline in Canada’s economy, the softening of commodity prices and the strength of the U.S. dollar.

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“Canada has lost much of its economic growth advantage,” says economists Francis Fong and Leslie Preston, who expect Canada to…

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