OTTAWA–The strong Canadian dollar sent factory sales tumbling in September, yet another indicator that the loonie’s surge is beginning dampen economic growth. The factory numbers came a day after the Bank of Canada’s Paul Jenkins warned that Canada’s economy will feel the pinch if the loonie remains this high. Nash called for targeted tax breaks to stimulate production in the most acutely affected industries, and said governments should strive to purchase from Canadian rather than foreign suppliers. The Canadian Manufacturers and Exporters and the Canadian Auto Workers have called on the Bank of Canada to lower interest rates to dampen the dollar. read more
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