Yes, the resource base helped Canada, and this meant that a severe recession in the US didn’t result in a super severe recession in Canada. In part that’s because Canadian banks were healthy, and in part that’s because China stimulated and the US stimulated and it drove up the price of resources, particularly oil.
The scenario that’s being talked about here is a complete and utter collapse of the dollar and the US economy so bad that Americans with means will be fleeing the country. I don’t see Canada escaping the repurcussions from that. Sure, the C$ will strengthen, and then Canadian exports will be fantastically expensive. Even the domestic economy will be under pressure because Canadians with means will be importing things.
