Record Low Loonie in Top Forecaster's Sights Amid Commodity Rout
- Macquarie Group's Doyle sees drop to 59 U.S. cents this year
- Currency slides under 70 U.S. cents as crude oil tumbles
Macquarie Becomes Ultra-Bearish on the Canadian Dollar
The Canadian dollar is heading for a record low with the central bank poised to cut interest rates again as commodity prices collapse to the lowest since 1991, manufacturing stalls and consumers remain buried in debt, according to the currency’s top forecaster.
The currency will fall to a record low 59 U.S. cents by the end of 2016, Macquarie Group Ltd.’s David Doyle, Bloomberg’s top-ranked forecaster for the Canadian dollar last year, said Tuesday. Doyle’s latest call came after the currency fulfilled his previous prediction from last February to fall below 70 U.S. cents. It briefly hit 69.9 U.S. cents for the first time in 13 years Tuesday as oil dipped below $30 per barrel for the first time in almost as long. The Canadian currency fell to 69.69 U.S. cents on Wednesday.