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Bank of Canada governor Stephen Poloz delivered his message loud and clear Wednesday morning: he’s more concerned about disinflationary trends – or even outright deflation – than he is about our battered currency.

Investors are responding in kind. The dollar is down nearly a cent since markets opened Wednesday, marking a four-year low. The loonie has now dropped 11 per cent since this time last year, and shows few signs of bottoming. The latest data out of the Commodity Futures Trading Commission shows over 70,000 futures contracts shorting the Canadian dollar.

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