Investment banking group Macquarie forecast has suggested that Canadian dollar is expected to slip to 59 US cents in 2016. The speculation came a day after the loonie went down below the 70 US cent for the first time since 2003.

David Doyle, a top-ranked forecaster at the company, predicted that the loonie would lose another 10 US cents, reaching a limit as low as 59 US cents by the end of 2016. This is an observation that has been indicated by weakening energy sector productivity and the cut in the interest rates for the third time as supported by the Bank of Canada.

On Tuesday, Doyle declared the lowering Canadian dollar value forecast to 59 US cents, which was even lower than the all-time low value for the loonie in 2002, amounting to 61.79 US cents. The expert has often been right on the money. In February 2014, when the Canadian dollar was valued at 80 US cents, Doyle predicted that the dollar will slip to 69 US cents over 12 months, which actually happened.

“Once [the loonie] reaches this level,” Doyle said as quoted by CBC Canada, “it should remain subdued through [the end of] 2018 and potentially even longer.”

Doyle said that in case the loonie reaches low record, it will remain so until the end of 2018. “Manufacturing and non-energy exports have far less ability to propel the economic outlook than they have in the past,” the forecaster said. “Many of our oil and oil-related sectors have grown, and lot of our manufacturing sectors have not grown and remained low.”

The declining oil prices have also affected the Canadian dollars. With the reducing North American crude oil benchmark value below US$30 (AU$43.2) per barrel, the oil prices have hit worse values. Such huge decline has been recorded since 13 years on Tuesday.

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