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Canadian dollar will drop to 59 cents US in 2016, Macquarie forecasts

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J

jokkir

Member
Saw this on several of the Canadian threads

A day after the loonie slipped below the 70-cent US level for the first time since 2003, a forecaster at investment bank Macquarie says he expects the loonie to lose another 10 cents to reach an all-time low of 59 cents by the end of 2016.

David Doyle of Macquarie Capital Markets Canada Ltd. lowered his Canadian dollar forecast to 59 cents US on Tuesday. That would eclipse the all-time low for the loonie, set on Jan. 21, 2002, at 61.79 cents US.

Doyle knows of what he speaks. Last February, when the Canadian dollar was valued at just over 80 cents, he — correctly, as it turns out — predicted the loonie would hit 69 cents at some point in the next 12 months.

It did so Tuesday.

"Once [the loonie] reaches this level," Doyle said, "it should remain subdued through [the end of] 2018 and potentially even longer."
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http://www.cbc.ca/news/business/macquarie-loonie-forecast-1.3401644

RIP Canada.
 
D

Divvy

Canadians burned my passport
8BDYrER.jpg
 
K

Kinitari

Black Canada Mafia
kitschykitty said:
Those salty comments on the article are hilarious, surely this must be the prime minister of two months fault.
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The reality is, it's barely any prime minister's fault. Maybe Stephen Harper could have done more to diversify the economy, but even he could only do so much, even if he wanted to.

Our economy was/is too tightly coupled to our exporting natural resources, and we're getting fucked for it.
 
V

vainglorious

Member
Not gonna lie, I'm going to Canada for a week next month and am kind of excited about having more buying power.

Sorry Canadian bros.
 
D

dabig2

Member
Completely unrelated question I assure you, but are there any decent stripper joints in Canada to visit? One particularly with some great liquor to enjoy? Thanks.
 
M

Mupod

Member
"I'll just wait until Skylake to upgrade instead of Devil's Canyon"

fffuuuuuuck

giga said:
What's there to do in Toronto if I want to come and flaunt my precious USD?
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come to a GAF meetup and buy us some Soju, then wake up in the morning regretting life.
 
beat

beat

Member
Kinitari said:
The reality is, it's barely any prime minister's fault. Maybe Stephen Harper could have done more to diversify the economy, but even he could only do so much, even if he wanted to.

Our economy was/is too tightly coupled to our exporting natural resources, and we're getting fucked for it.
Click to expand...

As far as I understand it, he bet hard on more and more fossil fuels. Which worked great at $100/barrel, terrible now.

Did he actually do ANYTHING to diversify the economy? And if so, how much vs what he spent doubling down on oil?
 
J

jehuty

Member
Gonna be in Canada for my little sister wedding in Ottawa around the end of March. Hopefully the Canadian dollar is super cheap so that I can pay for stuff with little pain to my wallet. Of course once I leave, I hope the currency goes back up. Canadians are nice people, so they deserve better (and I really want to check out Montreal, heard nothing but good things about that city).
 
D

Divvy

Canadians burned my passport
Kinitari said:
The reality is, it's barely any prime minister's fault. Maybe Stephen Harper could have done more to diversify the economy, but even he could only do so much, even if he wanted to.

Our economy was/is too tightly coupled to our exporting natural resources, and we're getting fucked for it.
Click to expand...

Well he could have at least did SOMETHING instead of putting everything in one basket we don't own.

I mean, Canada is a great tourist location, especially for Americans, yet his goverrnment spent literally zero dollars in promoting us in the US.

entremet said:
Curious, not to familiar with Canadian politics, but was Harper bullish on oil?

Did he ignore helping in creating incentives to diversity the Canadian economy?
Click to expand...

That is putting it lightly
 
Mr Nash

Mr Nash

square pies = communism
At some point this is going to force the Bank of Canada to step in and raise interest rates in order to stabilize the dollar.
 
A

AnotherDayAnotherDollar

Banned
Maybe we can move our offshoring from India to Canada soon. No more crazy work hours! Or we should annex them and get real state for fifty cents on the dollar! I'm good either way.
 
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