The Globe and Mail reports in its Saturday edition that there has been a lot of grumbling about the weak Canadian dollar over the past few months as the loonie declined from more than 74 cents against the U.S. dollar to a four-year low of 70.2 cents last week. The Globe's David Berman writes that for Canadians holding assets that are priced in U.S. dollars, such as U.S.-listed stocks, bonds or exchange-traded funds, the loonie's downturn has delivered a surprisingly strong tailwind. The S&P 500 is up 29 per cent this year (including dividends). In Canadian-dollar terms, however, the blue-chip index is up 38.5 per cent. The iShares U.S. Treasury Bond ETF is up just 1.7 per cent this year, but it has delivered a superior 9.2 per cent return in Canadian-dollar terms. If the Canadian economy remains weak and the Bank of Canada is pushed to cut its key rate more aggressively than the U.S. Federal Reserve, the loonie would likely fall even further. Under these conditions, the Canadian dollar could retreat to the mid-60-U.S.-cent range, according to James Orlando, senior economist at TD Bank. However, increased risk appetite among global investors could reward the Canadian dollar, especially if commodity prices rise.