BOC's Patterson: Weaker dollar boosting export competitiveness
Bank of Canada Deputy Patterson:
- Lower oil prices are good for the global economy but not for Canada
- Oil price risks appear to be balanced in the near term
- Oil shock to push aggregate earnings down 2% by mid-2016
- Adjustment of oil price shock will take longer than 2 years
No real comments on the direction of monetary policy or on the broader economy.