The uncertainty of the upcoming U.S elections, while easily turned into a joke is no laughing matter – even for Canadians, according to experts with BMO Financial Group.

“It’s fun to be Canadian because you can watch from the cheap seats and hope it all plays out well,” said Paul Taylor, chief investment officer, fundamental equities, BMO Asset Management Inc. in Toronto, during a BMO market outlook call on Wednesday. “But we’re definitely joined at the hip, at least economically, and we watch as very much interested participants not just observers.”

Regardless of which party wins the election, what Canadians want to see most, is a continuation of the recovery, as weak as it has been, said Taylor. Growth in the States needs to stay around the 2%, anything lower than 1.5%, he said, could have serious implications for sectors of the Canadian economy, such as manufacturing.

One area the U.S economy could have a big impact on is Canadian oil. Governor Mitt Romney has made it clear that he wants to make North America 100% energy independent, said Taylor. “That implies significant reliance on the Alberta oil sands,” he said, “as a source of safe oil for North America.”

President Obama on the other hand is a little vague on Canadian oil, however, that is likely just for political reasons. The president’s decision to postpone a decision on Calgary-based TransCanada Corp.’s Keystone XL pipeline until after the election, said Jack Ablin chief investment officer, BMO Private Bank in Chicago, is a signal that he does in fact intend to green light the project. “Rather than upset his environmentalist base, or some portion of his base, he’d prefer to defer it,” said Ablin, “and then make that politically difficult choice for him after the election.”

Despite the uncertainty in the U.S and the growing concern north of the 49th parallel over consumer debt-levels and housing costs, the Canadian economy is still set to grow, according to Taylor. Canadians can expect roughly 2% growth for the economy or perhaps a little lower, said Taylor, as well as a possible high-single digit increase in equities over the next 12 months.