Michael Babad says that according to National Bank analysts, “it’s not all ‘bleak’ for the loonie as Canada’s economy improves and the Bank of Canada eventually changes its stance”. I am curious as to when eventually will arrive. May 1 saw the publication of the April update of the Canadian dollar effective exchange rate index (CERI). It was down by 0.6% from March, and by 3.3% from April 2016. Since May 2013, the month before Stephen Poloz became the governor of the Bank of Canada, the CERI has declined at an annualized rate of 5.7%. Poloz seems programmed to drive the loonie down as low as possible.