Recently a portfolio management client asked our advice on the outlook for the U.S./Canada exchange rate. He plans to sell his Florida condo, and he wants to maximize his Canadian-dollar proceeds from the sale. It’s an interesting question, and more complicated than it sounds. The Canada/U.S. exchange rate seems like the most important factor in the decision. But that rate will come under the sway of at least two more major, unpredictable factors, and possibly others, in the next year or two. The first of these factors is political. Canada faces a federal election this October. The U.S. faces a Presidential election a little over a year later. Government policies always play a big role in foreign-exchange values. In this case, sizeable changes may take place on both sides of the border. In Canada, we have a good idea of who will lead each of the three main parties into the election. But no one can say which party will win, or if…