But, at the same time, most forecasters have consistently underestimated the resilience of the US economy, and may still be doing so. Implications for the Canadian dollar One of the most talked-about economic events in Canada over the past year has been the decline in the external value of our currency.
At its lowest point, in late August 1998, the Canadian dollar had depreciated by about 13 per cent against the US dollar and by more than 7 per cent against the German mark from its average value in the first half of 1997, before the Asian crisis erupted.