Canada’s Economic Concerns

Parliament Hill, Ottawa, Canada

The following news item was of interest:

Canada’s Dollar Heads for Weekly Decline as Recovery Falters

By Chris Fournier

July 3 (Bloomberg) — Canada’s dollar rose, paring a weekly decline that’s been driven by signs the economic recovery is faltering and a drop in crude oil below $67.

The Canadian currency was on course for a fifth consecutive decline, the longest streak of losses since dropping for six straight weeks through Dec. 14, 2007, after the U.S. reported a larger-than-forecast number of job losses yesterday. Oil was little changed today at $66.50 after three days of declines.

“People are less optimistic about the global economy,” said Firas Askari, head currency trader in Toronto at BMO Capital Markets, a unit of Canada’s fourth-largest lender. “That has negatively affected the Canadian dollar,” he said, adding that he is still “bullish” on the currency.

The Canadian currency traded at C$1.1578 per U.S. dollar at 8:34 a.m. in Toronto from C$1.1524 at the end of last week. It rose 0.6 percent from yesterday’s close at C$1.1630. One Canadian dollar buys 86.46 U.S. cents.

Canada is among the most export-dependent countries in the Group of Seven, generating about a third of its output in the first quarter from shipments of goods and services abroad. The U.S. purchases about three quarters of the nation’s exports.

U.S. employers cut 467,000 jobs in June, compared with the 365,000 median forecast in a survey of economists by Bloomberg. Brent crude oil for August settlement fell as much as $2.42 cents, or 3.5 percent, on London’s ICE Futures Europe exchange this week. http://www.bloomberg.com/apps/news?pid=20601082&sid=a9PHrcCyQNqE

In many ways, Canada is doing much better than the USA and the UK (the same can also be said of Australia).

However, the reality, as most Canadians do realize, is that to a great degree, Canada’s economic health is tied to that of the USA. And while Canada was able to get out of some of its debts in the past few years, it is not wise to think that the USA will do as well in that department.

Biblical prophecy indicates that the fate of Canada, as well as that of the other major British-descended nations, will be similar to that of the USA. A fate of essentially being destroyed as a nation, with many of their inhabitants being killed through war, famine, and/or pestilence, and those remaining being subject to persecution and slavery.

And while world events are lining up for this to occur, it will not happen for at least a few years from now–but it will be less than multiple decades (probably less than one decade to be precise).

Some articles of possibly related interest may include:

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Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?
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Can the Great Tribulation Begin in 2009, 2010, or 2011? Can the Great Tribulation begin today? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord?