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Canadian dollar unlikely to sink much lower

The recent drop in the Canadian dollar to US$0.73, from US$0.75, presumably reflects new fears of a global oil supply glut, which have been weighing on crude oil prices. Although this downward pressure might persist in the near term, we still expect oil prices to rebound later this year and that should allow the Canadian dollar to recover the ground it has lost to most major currencies over the past few weeks.  

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