While the Bank of Canada has been optimistic about Canada’s ability to weather the economic storm pummeling the global economy, new data that shows that the 129,000 jobs lost in January and the number of bankruptcies up 50% compared to a year ago have darkened the economic outlook. Canada’s close ties with the U.S., which has been in the grip of recession for more than a year now, have made it susceptible to damage from the economic crisis. Now, analysts are saying that the latest data points to a long road to recovery for Canadians, and unemployment and bankruptcy rates are expected to climb higher as housing rates fall. Currently, the unemployment rate sits at 7.2% but could go as high as 9% before the year is over. Meanwhile, housing starts fell 11% in January for the fifth straight month. Not surprisingly, the Canadian dollar has been feeling the pinch and posting lows against the USD in forex/currency trading. To find out more about currency movements or locate a forex broker, be sure to check out the Forex Yellow Pages directory of companies.

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