Canadian dollar's plunge could help Canada weather economic slowdown
TORONTO - A number of factors combined to push the Canadian dollar below 80 cents US for the first time in more than three years Wednesday, but experts say the plunging loonie could actually help Canada weather a global economic slowdown.
Canada's manufacturing sector suffered as the dollar soared above parity with the U.S. greenback over the past year, making Canadian goods more expensive for other countries and hurting export-based industries, the auto sector in particular.
Now its drop may help protect Canada's manufacturing heartland - Ontario and Quebec - from the effects of a worldwide recession.
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