The loonie has spent the previous yr bouncing between fee expectations, oil costs, and commerce nerves. These days, it has sat across the low US$0.70 zone, and tends to sag when crude dips or headlines warmth up forward of key commerce opinions. If it weakens once more, some Canadian companies can look higher quick. U.S.-dollar income converts into extra Canadian {dollars}, and international competitiveness improves. With that in thoughts, what Canadian shares might help throughout a loonie drop?
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CAE
CAE (TSX:CAE) matches that setup because it sells coaching and simulation into a world market. It runs pilot coaching centres, trains defence crews, and builds full-flight simulators. Over the past yr, demand stayed agency as airways rebuilt capability and governments leaned into readiness spending. The enterprise nonetheless sees quarter-to-quarter noise from program timing, however lengthy contracts and a deep put in base can maintain work flowing.
In fiscal Q3 2026, CAE reported income of $1.3 billion and adjusted earnings per share (EPS) of $0.34. Free money movement got here in round $411 million, and web debt leverage improved to about 2.3 instances adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA). It additionally ended the quarter with roughly $19.2 billion in adjusted backlog, break up between about $8.2 billion in civil and $11 billion in defence. At writing, the Canadian inventory trades close to 34 instances trailing earnings, so buyers already value in plenty of excellent news.
MG
Magna Worldwide (TSX:MG) presents a extra traditional foreign money kicker. It makes auto elements and techniques for main carmakers, and it earns a big share of income in U.S. {dollars}. Over the past yr, the market apprehensive about uneven automobile manufacturing, shifting electrical automobile (EV) demand, and tariff chatter. Magna pushed again with the fundamentals: price management, new program launches, and a concentrate on margin progress.
The This fall 2025 outcomes confirmed that self-discipline. Gross sales rose 2% to $10.8 billion and adjusted diluted EPS jumped 29% to $2.18, whereas adjusted EBIT reached $814 million. For the full-year 2025, adjusted diluted EPS landed at $5.73 and free money movement hit $1.9 billion. For 2026, administration expects gross sales of $41.9 billion to $43.5 billion and adjusted EPS of $6.25 to $7.25, plus $1.6 billion to $1.8 billion of free money movement. The valuation sits round 22 instances trailing earnings, so buyers definitely can add this to their watchlist.
BBD
Bombardier (TSX:BBD.B) could give essentially the most direct “loonie leverage” of the three. It builds enterprise jets, sells higher-margin companies, and has a rising defence enterprise, with plenty of gross sales tied to U.S. {dollars}. Over the past yr, it leaned into its turnaround narrative and benefited from robust large-cabin demand, whereas supply-chain hiccoughs progressively eased. Traders additionally saved one eye on commerce headlines, as sentiment can swing rapidly within the aerospace sector.
The newest full-year outcomes backed up the progress. Bombardier’s 2025 income rose about 10% to $9.6 billion, and adjusted EBITDA reached $1.6 billion. Free money movement hit $1.1 billion, and backlog climbed to about $17.5 billion, which helps future deliveries. For 2026, administration guided to greater than 157 plane deliveries, income above $10 billion, and adjusted EBITDA above $1.6 billion, whereas free money movement ought to land between $600 million and $1 billion as timing normalizes. The inventory trades close to 21 instances trailing earnings, which appears affordable if execution holds.
Backside line
A weaker loonie won’t repair a weak enterprise, however it could add a tailwind to a powerful one. CAE brings international contracts and a big backlog, Magna brings scale and money technology, and Bombardier brings a cleaner post-turnaround profile with rising income and backlog. If the Canadian greenback stays gentle, these three Canadian shares supply alternative ways to doubtlessly profit whereas nonetheless proudly owning actual operators, not a pure foreign money commerce, for affected person long-term buyers.