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Loonie ‘Undervalued’ but ‘Worst Days Are Over’: BMO

(Daniel Tencer – Huffington Post)

Same-day trips to the U.S. from Canada have plunged 28% in the past two years, a sign that the loonie is undervalued, the Bank of Montreal says.

“Though aggravated by the lousy weather, nearly half of the decline occurred in the first two months of the year as the loonie tobogganed lower,” economist Sal Guatieri wrote, adding we can expect to see another decline in trips to the U.S. when March numbers are released.

“The dramatic change in shopping plans could mean the loonie’s worst days are over, barring a renewed dive in oil prices.” Click here to read more.