Canada's economic performance over the final quarter of last year was probably the best in more than two years. The breakdown, however, is likely to show that the economy is still heavily dependent on household-related spending and investment. However, we doubt that this above-potential performance will be sustained for much longer. Admittedly, the lower Canadian dollar should help to boost exports, but we think the loonie would have to fall much further in this fragile global economic environment to adequately reinvigorate Canada's economic outlook.
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