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The Canadian dollar, which had been one of the best-performing G10 currencies in the world this year, fell significantly on Friday.

Driving the news: A slide in oil prices and reduced expectations for a rate hike from the Bank of Canada also hurt the loonie, which is edging towards its lowest level of the year against the U.S. dollar. Canada's economy grew at its slowest past in 2.5 years in the last quarter of 2018 and some economists say first quarter GDP growth this year will be even weaker.

Expand chart
Data: Factset; Chart: Axios Visuals

"While a slowdown was widely expected in the final months of the year due to falling oil prices, it's a much bleaker picture than anyone anticipated," Bloomberg notes.

Why it matters: That's bad news for the global economy and especially bad news for Canadian Prime Minister Justin Trudeau.

The big picture: A downward revision in the Q4 2018 numbers and a negative print on the Q1 2019 numbers would put Canada in a recession. That could mean 2 of the world's 10 largest economies in a recession, with Canada joining Italy, which fell into recession at the end of 2018.

For Trudeau, the news couldn't come at a worse time.

  • Canada's former attorney general and justice minister testified on Wednesday that Trudeau pressured her to drop corruption charges against an engineering company from Trudeau's hometown.
  • Andrew Scheer, the Canadian Conservative leader who hopes to unseat Trudeau in the Oct. 23 election, sent a letter to authorities requesting an investigation into the allegations.
  • New Democratic Party Leader Jagmeet Singh, who just won election over a member of Trudeau's party in British Columbia, also is demanding a public inquiry.
  • Trudeau's Liberals have recently lost their lead in the polls, claiming 33.9% of the vote, below the Conservatives' 35.8%, Time reports.

Go deeper

Mike Allen, author of AM
37 mins ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear. Read episode 1.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.