The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Ever since Bank of Canada Governor Stephen Poloz took office, he has preached the merits of a weaker currency for Canadian exports. But the roughly 30 percent fall in the dollar since then has failed to coax an export-based revival in Canada.
After sailing relatively smoothly through the choppy waters of the financial crisis and its after-effects, the Canadian economy is finally getting caught up in the global economic slowdown.
The Bank of Canada is hoping the average Canadian continues to do the heavy lifting for the economy and gets it out of its rut from the first half of the year, even with dangerously high household debt levels. That may be a big ask.
Canada's near two-year-long attempt to boost exports through a weaker currency so far has proved futile.