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The Canadian dollar sank to a three-year low after the nation’s November trade deficit swelled to nine times what economists forecast, throwing doubt on the pickup in exports the Bank of Canada has said will fuel growth.

The currency fell versus all of its 16 major peers as a previously reported trade surplus in October was revised to a deficit, meaning the nation has had 23 consecutive trade gaps through November. The U.S. trade deficit shrank to a four-year low as imports of oil, Canada’s largest export, slid to the lowest level in three years. The currency fell after a Canadian purchasing-manager index unexpectedly dropped.

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It just confirms what we already know — that the Canadian economy is weaker than some of its Group of Seven competition

“It’s tacit acceptance by the Bank of Canada as well as the finance minister with respect to a weaker Canadian dollar to offset the terms of trade,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada, by phone from Toronto. “The competitive devaluation model, which has been adopted by other central banks globally — Canada can now be added to the list.”