The Canadian dollar will remain weak through at least the end of this year, some experts say, though a rebound could come in 2025. After falling to a four-year low last week, the loonie was up slightly Monday at 71.18 cents US.
The Canadian dollar will remain weak through at least the end of this year, some experts say, though a rebound could come in 2025.
"We haven't seen these levels in a long time. I think we have certainly breached a level that is worrisome," Judge said.The loonie's slide comes as the U.S. greenback is soaring on the re-election of former president Donald Trump, gaining ground not just against the Canadian dollar but against a pack of foreign currencies.
"But if it looks like we could negotiate our way out of those tariffs, it'll be a near-term weakness with some recovery next year — which is really our base case," she said.Canada's economy in recent months has not shown the same strength as south of the border, and as a result the Bank of Canada has moved to cut interest rates faster than its U.S. counterpart in an effort to avoid a recession.
"But right now, we don't know what tariffs could look like. There are integrated supply chains between the U.S. and Canada, so it's not even in all of U.S. businesses' interest to have tariffs on Canadian goods."
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