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Yes, things are looking more cheerful for Canada, especially with today's CPI release. A worsening of the US situation, or fear of a collapse of the Euro, are to my mind the biggest dangers to Canada from abroad. We do a lot more trade with the US than with the Eurozone (and the elasticities of net exports wrt the US$ are probably bigger than wrt the Euro), but the Euro is more of a wild card. It's not even impossible that the Loonie might emerge as a "safe haven" currency?

"An appreciating currency hurts exporters. Two centuries after its death, the mercantilist ghost still haunts our editorial pages. Why? Why? Why?"


Can you explain that statment a bit? Even the BoC seemed to think the appreciating currency could stiffle recovery.

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