Is there a bright side to the collapse in oil prices?

The bright side of the recent collapse in oil prices is the sinking Canadian dollar, which will encourage stronger US demand for cheaper Canadian goods and services. More generally, the collapse in oil prices should provide a further boost to US economic fundamentals, which should benefit Canada even if its currency hadn't depreciated. Any boom in exports, however, is unlikely to arrive fast enough to rescue the economy from the expected downturn in mining activity.