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.
The Canadian dollar declined to a two-month low versus its U.S. counterpart after the annual inflation rate fell in April to its slowest in more than three years, bolstering the case for lower interest rates.
Porter, speaking in an interview today 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.