Paper Market Outlook — Stocks Are on the Rise

Leclair expects the trend in exchange rates to remain basically the same or get weaker—despite some short-term, small appreciations in the U.S. dollar—through the first half of the year. This is due to longer term structural factors, he says, and will hold true for the dollar against all major currencies. Of particular significance for the paper market is the U.S. dollar's weakness against the Canadian "Looney," the economist adds.