Video: How much higher can U.S. stocks go? The loonie, as the dollar coin is known in Canada, has lost more than 4 per cent this year, which puts the currency �exactly in the middle of the pack,� said senior economist Benjamin Reitzes of BMO Nesbitt Burns.
The Canadian dollar extended a decline to a two-month low against its U.S. peer after retail sales stagnated in March, boosting bets the Bank of Canada will move away from its bias to raise interest rates.
Porter, speaking in an interview Tuesday at Bloomberg's Canada Economic Summit in Toronto, said the Canadian dollar will continue to be supported by safe-haven flows in the next couple of years, keeping it trading near parity with the U.S.
The Canadian dollar is higher early Thursday, retracing its decline to a fresh yearly low it touched during overnight trading after a gauge of China's economy showed contraction for the first time in seven months.