The Bank of Montreal forecasts that the current weakness of the Canadian dollar is set to worsen. The mortgage lender’s chief economist Doug Porter says that he expects the loonie to drop to 75 cents (US) over the next few months; good news for exporters but not so great for consumers and the overall economy. There are concerns that the weaker currency will also further fuel foreign investment in Canadian real estate, adding further pressure to the hottest housing markets. At 4am Monday the loonie was valued at U$0.7685.
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