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BMO’s Porter Says Canadian Dollar Overvalued by As Much as 10%

Doug Porter, chief economist at the Bank of Montreal, said the Canadian dollar is overvalued by 5 percent to 10 percent given levels of commodity prices.

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. dollar before weakening in the “medium-term.”

There is also no urgency for the Bank of Canada to raise interest rates, Porter said, adding there is a case for the country’s central bank to drop its tightening bias because the housing market has cooled.

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