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The Loonie is largely tied to commodities prices, so as they drop, so will the value of our dollar. It's directly bad because our purchases are generally in USD but it's not all bad: Canada's economy is largely export driven, and a lower value makes Canadian-produced goods more competitive on the global market.
So while our neighbors to the South deal with an economic slowdown and the entire mess they're dealing with now, the combination of our being kept largely out of that mess (in part thanks to the Harper government) and more competitively priced goods could be generally favorable for Canada.
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