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Several stacks of loonie coins are seen in this file photo.
Several stacks of loonie coins are seen in this file photo.
(John Cowie/iStockphoto)

Cheer up, snowbirds – loonie set to strengthen

Canada’s trade data, along with the recent performance of materials stocks, suggest the loonie is overdue for a bounce against the U.S. dollar.

The Canadian dollar is considered a “hard currency” by global investors because of the country’s enviable resource wealth. As a result, the value of the loonie often moves along with returns on the S&P/TSX Materials index.