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None of this really applies to Canada. In international trade, despite the wobbles in data, Canada is exporting and importing at near record levels. Exports hit $44.6-billion in June, despite the fall in energy values. Imports at more than $45-billion a month are at record levels for the year to date. A country sliding into economic trouble does not keep importing goods at the volume levels as Canada has over the last year.

It is time to call off the recession dogs. As TD Economics commented Wednesday on the trade data, “Canada has likely skidded through the soft patch and is ready for a comeback over the next two quarters.” Talking about a soft patch isn’t quite as alarming as the prattle about recession, which implies major slumps in employment and consumer spending, both of which are still strong in Canada. BMO Economics sees a “solid rebound” in the third quarter from the soft patch. Data for the early parts of the third quarter in July and August will start emerging in September and early October — just in time for a major media reality check on the “technical” recession.

Another technical issue in need of review is the portrayal of the declining loonie as a symbol of economic weakness and policy failure. The oil price crash, the major cause of the Canadian dollar’s sharp decline, is an event economists describe as “exogenous,” a shock that lands from outside the country and over which no government has control or responsibility.

What is the right government response to such a shock? So far, Ottawa seems to have it right. Despite the energy price crisis, and declines on other resource commodities, Canadian policy appears to be on the right track. The great recession watch will continue for a bit longer, but it is likely to be observed in the rear-view mirror as a mild bump on the road to continued economic recovery.