Policy makers “should remain focused on sustaining growth until the rotation to exports and business investment gains firmer momentum, while assuring that the gradual unwinding of domestic imbalances continues and that the fiscal position is maintained on a sustainable trajectory,” the IMF added.

The iShares MSCI Canada (NYSEArca: EWC), which tracks Canadian stocks, has only gained 3.8% year-to-date. Since the fund tracks Canadian-dollar denominated stocks, investors are exposed to currency risk, and the depreciating loonie has weighed on EWC’s returns.

CurrencyShares Canadian Dollar Trust

For more information on the loonie, visit our Canadian dollar category.

Max Chen contributed to this article.