Last year the people in Canada had a huge reason to celebrate as their currency became equal with United States currency for the first time in over thirty years.Unfortunately, that equality won’t likely stick around very long. Instead, it looks as though the Canadian dollar has been predicted to fall against its US counterpart throughout 2009, going down over fifteen percent.
The economy is shrinking and oil prices are going down, and Canada is not immune to the changes that are taking place throughout the world, but most notably with its neighbor to the south.
The Bank of Canada has cut its forecast for growth, and it looks like the Canadian economy is going to continue to struggle into 2009, which is a forecast that no one wanted to hear but that a lot of people expected.
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