CAD Warning: 3 TSX Stocks That Can Hedge Currency Risk

By Amy Legate-Wolfe at The Motley Fool Canada

The loonie can move fast. Your portfolio doesn’t need to sit still. When the Canadian dollar weakens, investors often feel it first through travel costs, imported goods, and everyday prices. But currency swings can also create opportunity.

Some TSX-listed companies earn revenue outside Canada, own U.S. assets, or report in U.S. dollars. That can give Canadian investors a useful layer of protection when the dollar slips. So today, let’s look at some TSX stocks that are less about currency trades and more about ways to stretch a Canadian portfolio across borders.

HR

H&R REIT (TSX:HR.UN) looks interesting now as real estate values still sit under pressure, yet the trust owns a large North American portfolio. As of March 31, 2026, H&R had $8.1 billion in total assets and interests in 105 properties across residential, industrial, office, and retail. Its investment properties carried a fair market value of about $6.5 billion. That gives investors real assets, not just a story.

The currency angle comes from its U.S. exposure. H&R collects rent from properties across North America, so U.S. income and U.S. asset values can help offset a weaker Canadian dollar. The real estate investment trust (REIT) has also spent recent years repositioning toward higher-quality residential and industrial assets, which could make the portfolio cleaner over time.

The latest results still show why HR.UN suits patient investors more so than growth chasers. In the first quarter, rentals from investment properties fell to $184.3 million from $205.6 million a year earlier. Yet net operating income (NOI) rose to $85.9 million from $83 million. The REIT reported a net loss of $34.9 million, mainly as fair value adjustments weighed on results. Today, investors can grab it with a dividend yield at 5.8%, offering strong income.

FSZ

Fiera Capital (TSX:FSZ) offers a different kind of currency balance. The Montreal-based asset manager serves institutions, advisers, pension plans, and private-wealth clients. It doesn’t trade like a U.S.-dollar stock, but its investment mandates and market exposure reach beyond Canada.

Asset managers can benefit when global markets rise, though the reverse also holds true. Fiera stock ended March with $160.2 billion in assets under management, down from $164.1 billion at the end of 2025. Volatility and outflows hurt, but profitability held.

In the first quarter, revenue came in at $153.3 million, down from $162.9 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped to $42.7 million. Yet the adjusted EBITDA margin improved to 27.9%, up 130 basis points. That shows cost discipline, which investors need from an asset manager during a choppy market. The quarterly dividend of $0.108 per share gives Fiera stock a yield near 7.9%. That income looks tempting, but investors should watch outflows, markets, and dividend coverage closely.

CIGI

Colliers (TSX:CIGI) looks like the cleanest currency hedge of the three. The Toronto-based company reports in U.S. dollars and operates across the Americas, Europe, and Asia Pacific. It provides commercial real estate services, engineering, and investment management.

Its first-quarter results had real momentum. Revenue rose 15% to US$1.3 billion, while adjusted EBITDA climbed 8% to US$124.8 million. Engineering revenue jumped 23%, and investment-management assets reached US$109.3 billion. Colliers also agreed to buy Ayesa Engineering for about US$700 million, adding more infrastructure exposure. Commercial real estate remains cyclical, and acquisitions can stumble. Still, CIGI gives Canadian investors global earnings with less direct reliance on the loonie, while collecting a 0.32% yield.

Bottom line

A weaker Canadian dollar doesn’t mean investors should panic, but it does argue for more balance. And together, even $7,000 could bring in substantial dividend income.

Together, they show how TSX investors can add global reach before the next currency scare grabs attention.

The post CAD Warning: 3 TSX Stocks That Can Hedge Currency Risk appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Colliers International Group. The Motley Fool recommends Fiera Capital. The Motley Fool has a disclosure policy.

2026