If there's one takeaway from Canadian Finance Minister Jim Flaherty's fall economic and fiscal update, released Tuesday, it's that while the Canadian economy is resilient, it's not bulletproof. Blaming lower commodity prices and weaker global growth, Ottawa said it sees higher deficits this year and in the two years to follow, and says Canada won't return to balanced budget until fiscal 2017, a year later than previously forecast. Canadian dollar didn't move on the news, though it does threaten some of the loonie's underpinnings. US dollar is up 0.2% on the day, at C$1.0018.
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