Most experts seem to have a bleak view of the Canadian dollar
The loonie may be in for a short-term boost if the federal government decides to use Tuesday’s budget to inject stimulus into a slowing economy, but the longer-term outlook for dollar appears to be much more uncertain.
“I can definitely see some stimulus coming because at an election time, people try to stimulate the economy and get more votes but I don’t think it would be long-lasting,” Adatia said. “It will probably fizzle away over the next few months as the economy does slow down more.” Some suggest that in such an environment, the loonie could fall much further — even once again becoming acquainted with the record low of 62 cents US that it reached in 2002.
A drop to 62 cents would mark a 17 per cent decline for the currency, which has already fallen more than 30 per cent from its peak in 2011. At the time, all the stars were aligned for it to trend upward, Wolf said. The economy was recovering from the global financial crisis at a rapid pace, rates were rising from a bottom and oil prices hovered around $100.
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