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Posted AT 8:01 AM EST on 16/04/08

Shy lenders, and the oil patch, will help Canada fend off recession

HEATHER SCOFFIELD

Globe and Mail Update

Luck and conservative mortgage practices mean Canada can avoid falling into recession even while the U.S. economy contracts, a new analysis suggests. The luck comes in having ample energy supplies that the United States needs, says Dale Orr, chief economist for forecasting firm Global Insight Canada. “The United States is the primary destination of Canada's energy exports, and Canada is the major source of energy imports for the United States,” he writes.

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