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While there could be a pullback over the near-term seeing as the currency is overbought to an extent, the lows are in and there is still upside before the rally stalls out in full.
While there could be a pullback over the near-term seeing as the currency is overbought to an extent, the lows are in and there is still upside before the rally stalls out in full.
(Mark Blinch/Reuters)

David Rosenberg: The loonie still has further to climb

The number of Americans travelling by car to Canada for a one-day shopping trip broke above 700,000 in January for the first time in well over five years – and it’s not because they feel the need to come to Toronto to shop at Saks; it’s because the loonie got dirt cheap at the lows.

The number of Canadians who crossed the border for a one-day stint, at 1.8 million in January, was close to the levels we saw back in late 2009 when the Canadian dollar was coming off its depressed post-Great Recession lows.