A new financial forecast suggests the long-suffering Canadian dollar will remain below the 90-cent mark through the end of 2015, reports The Globe and Mail.
The Bank of Nova Scotia projection sees the loonie’s value dropping down as low as 86 cents and change by the end of the next quarter. Based on this prediction, the loonie will likely close out the year on 89 cents.
Chief currency strategist Camilla Sutton believes that the dollar will be on 88 cents by the end of 2015.
“Late in the second half of the year, the Canadian dollar is expected to stabilize as a building U.S. economy recovery combined with a sustained depreciation in the currency flow into the Canadian fundamental backdrop,” Sutton stated in her report.
The loonie, which is currently valued above 90 cents, has been softer of late. Most notably, a dovish Bank of Canada and a suggestion by the Federal Reserve that interest rates could rise earlier than expected were key factors in its depreciation in value.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: