Mathematically, a correlation coefficient can range from –1.0 to 1.0.
The book 'statistical misconceptions' by S. W. Huck says this is a misconception people have.
... What is the parallel frame of reference for correlation coefficients? Under certain conditions, some correlational procedures produce correlation coefficients that must land on a continuum that extends from –1.0 to +1.0. Note, however, that the previous sentence began with the phrase “under certain conditions.”...
If a person thinks that correlation coefficients always end up on a continuum that extends from –1.00 to +1.00, he or she will be unable to judge accurately the relationship strength. What looks to be moderate may actually be strong. Worse yet, a correlation that makes a relationship look weak and meaningless may actually be as high as it can possibly be!
But from the book is not clear when a correlation, let's say of 0.5 would be a strong correlation. Could someone help clarify this to me?