Some market observers see signs the loonie's fortunes will change this year even as the Canadian dollar continued its slide Monday.

Economists worry about the potential impact of a strong currency on exports.

Canada has had "very nice steady job growth," according to one market analyst.

Canada's main stock index rose to a fresh 19-month high on Tuesday, led by gains in heavyweight energy and banking stocks, while materials stocks weighed.

Canada's benchmark stock index on Tuesday notched its biggest gain since September, led by energy as oil jumped.

The Canadian dollar gained against a broadly stronger U.S. counterpart on Monday as oil prices rose after Hillary Clinton got a boost ahead of the election.

The Canadian dollar weakened slightly against its U.S. counterpart on Wednesday as a sharp drop in oil prices offset broader losses for the greenback amid U.S. election uncertainty.

Iraq's desire to be exempted from an OPEC production cut caused oil prices to dip Monday, pushing the Toronto stock market and the loonie to a lower close.

The Canadian dollar strengthened the most in nearly four weeks against its U.S. counterpart on Wednesday as oil prices soared on a deal by major oil producers to limit output.