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Canadian vehicles from British Columbia pass a welcome sign at the U.S. border crossing in Blaine, Wash.
Canadian vehicles from British Columbia pass a welcome sign at the U.S. border crossing in Blaine, Wash.
(Elaine Thompson/AP)

One big reason why Canada can’t piggyback on U.S. growth

The Canadian and U.S. economies are closely tied by trade, but it’s a huge mistake to assume that our growth will easily piggyback on an accelerating U.S. economy.

Canada is near the peak of the credit cycle, with an inevitable and painful process of deleveraging ahead. The Americans, by contrast, are closer to the beginning of a borrowing cycle, with plenty of economic muscle to push growth higher.