There would be currency risk here certainly and what the right amount of foreign currency exposure is comes down to a bit of a personal decision and considerations such as level of expenses in other currencies/regions. So, there would be risk if the CAD saw strength relative to the USD but we also have a difficult time painting a picture where this happens in a sustained manner in the intermediate term. With a more sluggish Canadian economy that will be more weighted to a real estate market with higher property values (and lower odds of growth), we don't think a path to a stronger CAD is clear, outside of maybe a much stronger energy market. Regardless, ensuring one has the right FX exposure is the first step and moves in FX is not an area we would want to speculate in.
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