The Globe and Mail attempts to identify stocks that will benefit from a decline in the loonie in its Wednesday, Jan. 21, edition. The Globe's Tim Shufelt writes in the Number Cruncher column that the global commodity downturn has laid bare the risks of Canada's resource dependence, with economic warning signs now apparent everywhere. Back in October, National Bank Financial compiled a list of Canadian stocks poised to be the "big winners of a declining Canadian dollar environment." Mr. Shufelt revisited that list to see how those stocks have fared, considering that the loonie has shed 7.5 cents since the report was released. Mr. Shufelt says his stock picks today mostly represent companies with a significant portion of business generated in the United States, since U.S. dollar-denominated revenues receive a boost when converted by Canadian-based companies. There were big moves on either side of the ledger since October, most of which were driven by company or industry-specific events rather than currency fluctuations. Stocks well positioned for a weak-currency era in Canada are Lake Shore Gold, Sun Life Financial, Manulife Financial, Conifex Timber, Teck Resources and Newalta.