BCA Research says that the Canadian dollar is vulnerable to a decline.

“Canada’s exporters are extremely leveraged to the U.S. economy, which will continue to decelerate. Canada’s exports also account for almost 40% of the region’s GDP, which will weigh on the Canadian dollar as the U.S. economy slows,” the firm says in a research note.

“The setback to the price of oil and natural gas will also keep downward pressure on the Canadian dollar,” it adds. “The currency is also vulnerable to more weakness in non-energy commodity prices. Therefore, clients with a long-term focus should get better levels to buy the Canadian dollar.”