The Canadian government no longer has a target date to erase Canada’s federal debt, according to the Globe and Mail.

I was in the room five years ago when Finance Minister Flaherty announced a plan to eliminate Federal debt by 2021. It was a great moment.

Skip ahead four years and the debt has grown 27%. Granted, there was a recession but not that harsh of a recession (here anyway). Spending has increased every year.

At the end of the day, what matters in FX is relative fiscal health and fortunately for CAD, the rest of the world is a fiscal basket case.