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Weekly Trends

The North American economy experienced a clear downshift in economic activity over the first quarter. In the US, manufacturing and exports were hurt by the stronger dollar, while in Canada economic growth was impacted by weak oil prices. Extreme weather conditions also likely weighed on activity during the quarter. As a result, expectations have fallen significantly with consensus estimates for CAD/US Q1/15 growth declining from 2.3% and 2.8%, respectively, to roughly 1% for both countries.
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