The US dollar is clearly on a downslope:
With central banks having huge incentives to devalue their currency, it is going to be a classic case of a “race to the bottom”. It is not a surprise to see commodities and gold perform in such an environment.
Canada is in an odd position – with an economy strongly aligned toward commodity prices (energy and mining), it will create strength in the dollar. Exports become less competitive on pricing, which suggests that short term interest rates will not rise because of the cooling effect of a strong currency.
In a more retail oriented environment, this will also mean that imports will be cheaper, and the most Canadian tradition of them all – cross-border shopping – will be cheaper to partake.
Mass devaluation is not quite the same as inflation, but will likely have the same result. The only question is which assets to park your cash into.