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Strategist: This Chart Shows That Canada Has Bigger Problems Than Just Oil

Mexico is a cheaper place to produce
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Canada's problem: It's not oil; it's Mexico

The collapse in oil prices has wreaked havoc on some regions of Canada, with a high likelihood that the nation suffered a technical recession in the first half of 2015.

But Steven Englander, Citibank’s global head of G-10 currency strategy, says that sluggish export growth outside the oil patch—and what’s been causing it—is an even bigger issue for the country.