08 March 2018 0 Comments Posted By : Liz Capo McCormick

Canadian dollar set to plunge to lowest level in 15 years on 'bully's mismatch,' currency guru says

One of the most prominent currency-markets gurus says the Canadian dollar will plunge to levels not seen in more than 15 years as trade turmoil intensifies.

John R. Taylor, who formerly headed what was then the world’s biggest currency hedge fund, says his analysis of statistical patterns projects the loonie to weaken about 20 per cent to $1.60 per U.S. dollar by the end of next year. It hasn’t been that weak since August 2002. Canada’s currency looks bleak by the charts and given the potential hit to the nation’s exports as President Donald Trump tinkers with NAFTA and announces tariffs on metals.

“The sharp strengthening of the USD since the start of February is the beginning of this move and the cycles say that it has about two years and three months to go,” Taylor said Wednesday in his newsletter Taylor Global Vision. “A move to 1.3350 in the month of May is the first step in this move back toward the highs of the start of this century. We would bet on 1.60 by the end of next year.”

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