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> The Canadian dollar has collapsed VS the USD

This might be splitting hairs, but I think this is more about the strength of USD than the weakness of CAD. I don't know that you can say CAD has "collapsed" when every other major currency has seen a similar (or worse) drop compared to USD over the last 10 years.

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It always is this. Same reason the CAD was at parity during the financial crisis.

After 2008 we also "benefited" from very high oil prices which drove the dollar higher

That high dollar didn't do any positive things for Ontario & Quebec's export oriented manufacturing sector though, which is why I put "benefited" in quotes.

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