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The Canadian dollar has taken a beating over the past year, sinking to an 11-year low against the U.S. dollar in July.

The currency has since extended its decline to break below 76 cents (U.S.).

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The loonie’s swoon has presumably been linked to the cratering price of oil, which prompted two rate cuts from the Bank of Canada in the first half of 2015, a period in which the economy likely suffered a technical recession.

Macquarie analyst David Doyle, however, sees a larger macroeconomic theme that will drive U.S. economic outperformance of its northern neighbour and propel the loonie to fresh lows against the greenback. Based on similar historical examples, this rough patch for the Canadian dollar could last up to 10 years.