The Globe and Mail reports in its Tuesday edition that despite recent data showing a weakening of the domestic economy relative to the United States, the Canadian dollar is still one of the best-performing currencies in the world this year. The Globe's Tim Shufelt quotes BMO Nesbitt Burns chief economist Doug Porter as saying in a note, "We can't help but wonder why." From trade to employment to oil to interest rates, the forces bearing down on the dollar are distinctly negative, on balance. Mr. Porter adds that the signs do not suggest continued resilience through the remainder of this year, and a material pullback in the value of the currency is possible this year. When the oil shock tore through Canada's resource economy, the loonie went into free fall. In the 18 months up to last January, the dollar dropped to 68 cents from almost 95 cents and is now at about 76 cents (all figures U.S.). Strong employment and consumer readings are prompting U.S. growth forecasts to rise, while Canadian GDP appears set for a second-quarter contraction of 2 per cent, annualized. Bank of Nova Scotia predicts that the third quarter could see further weakness before ending the year at about current levels.