The outlook for loonie in 2023 largely depends on commodity prices, how the U.S. dollar fares, and if major recession occurs, experts said.
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But not everyone agrees. Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management, doesn’t think the U.S. dollar will flag, while he sees commodities, a big driver of the loonie, weakening in 2023.Article content Michael Greenberg, senior vice-president and portfolio manager at Franklin Templeton Investment Solutions, said the consumer in Canada is a little weaker relative to the U.S. consumer due to debt levels and the housing market, making us more sensitive to interest rates.Article content
“We held up much better than the euro and the yen, but … we didn’t hold up as well versus the U.S. dollar,” he said. The Canadian dollar’s outlook for the year is highly contingent on external developments, with commodity prices and valuation potential positives for the dollar, Scotiabank said in a report early January.
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