Will Canadian banks find unexpected ally in the lowly loonie?

Banks with major operations outside of Canada (mainly Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Royal Bank of Canada) benefit when the Canadian dollar swoons since it means the value of their foreign revenue increases.

It’s tough being a Canadian bank these days, what with the lackluster economy and the leveraged-to-the-hilt consumer. That’s been the story for the past two years but somehow, each quarter, players manage to squeeze out better-than-expected results.

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