Talk that Canadian growth will be reduced by sliding oil prices is given added credence this morning by fresh weakness in oil and by a much weaker than expected Canadian payroll results last week. With a job loss of 10,700 that literally knocks the air and support out from under the Canadian Dollar. With the Dollar fortified by last Friday’s US data we can’t rule out at least a temporary decline back below the 87.00 level in the December Canadian contract.
