Looks like there are financial issues all over - this time, it's Canada.
From The Vancouver Sun:
Canada is already in a recession, says Bank of America, and the loonie is set to get hammered
Bank of America Merrill Lynch has become the first bank to call for a Canadian recession this year.
Economist Emanuella Enenajor and her team now say that Canada’s economy will shrink by 0.6 per cent in the second quarter, following a 0.6 per cent contraction in the first. The definition of a recession is two consecutive quarters of contraction.
A recession sets up the Bank of Canada for another rate cut this year, said Enenajor, and she expects that the downturn will hammer the Canadian dollar — knocking it down to 70 cents U.S. by the end of the year, the lowest level in more than a decade.
That is going to be bad for us as a lot of our customers are Canadian tourists. Land prices are so high up there that they come down here to buy vacation property.
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