(The Star) The outlook for the Canadian dollar has become far too gloomy, according to the currency’s top forecaster.
Bears say NAFTA could still unravel and come back to plague the loonie. The currency will probably weaken up to $1.31 per the U.S. dollar over the next two quarters, according to Juan Perez, a Washington-based senior foreign exchange trader and strategist at Monex Inc. which came third in the ranking of forecasters.
“Because of NAFTA being such a dark cloud and the U.S. economy being resilient and consistent, it weighs on the Canadian dollar in a negative way,” Perez said. “I don’t think the Canadian dollar has much that could improve its situation in the next six months.”