The Canadian dollar, or the loonie as the currency is commonly called, has lost over 4.5 percent against the U.S. dollar in the past three weeks alone, to trade at its weakest level in more than four years.
"The currency either goes absolutely nowhere, which has been the case since 2011, or it starts to move like in 2007-2009. Right now, there's not much in the way of positives for the loonie," Rodriguez, told CNBC on Thursday.
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"When you have that kind of momentum, it's a thing that feeds onto itself - given the intensity of declines, the Canadian dollar looks like a great trade," he added.
Rodriguez forecasts the Canadian dollar will weaken to C$1.17 per U.S. dollar – levels not seen since May 2009 – as early as April. This represents further downside of 5 percent for the currency, which was last quoted at C$1.11.
Factors weighing on the currency's outlook include declining commodity prices and a deep divergence between U.S. and Canadian monetary policies.