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Canadian Dollar Economic Outlook

July 6, 2010
Recently, the Canadian dollar has traded up to parity the US dollar and looked like it might even go higher than the American dollar. However, that trend may now be changing according to economists. Despite Canada having the strongest economy of all the industrialized world the loonie has traded weak in comparison to American and European currencies.

Economists now believe that there may be a further flight to the US dollar which would lead to the Canadian dollar heading lower towards the 90 cent range. The Canadian dollar may have seen its peak and is now on the decline. The fear of economic recovery failing, or of a double dip recession is causing commodity markets to fall. This in turn leads to less demand for the Canadian dollar as Canada is a big exporter of raw materials.

During times of economic uncertainty investors often flock to the safety of the US dollar.

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