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HEWC - Canada: Loonie Can Rise As U.S. Interest Rates Fall
iShares Currency Hedged MSCI Canada
A recent article argued that the Canadian dollar (FXC) and Canadian stocks (BBCA) (EWC) (FCAN) (FLCA) (HEWC) (QCAN) historically tend to decline as U.S. interest rates fall. The article cited the examples of steep declines in 2001 and 2008 as evidence for this argument.
However, looking at a more complete long-term view of the overall trend and direction of the Canadian dollar, compared with U.S. interest rates, leads us to a different conclusion: