Quotes from RBC Capital Markets:
-Canada's sizeable current account deficit has been at the core of our longer-term CAD bearish view since its funding became decreasingly financed by long-term capital inflowsin recent years. The imbalance will continue to be a factor that underlies our bearishness in 2015.
-CAD depreciation over the past year has modestly helped improve the deficit, although another impact of lower oil prices is further strain on the current account, which suggests that further CAD depreciation is the most likely lever to correct the imbalance. RBC Economics estimates that the deficit could widen from near 2.0% to 2.4% due to the drop in oil.
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