Pattern of lower returns likely to persist
Estimates $5.9 billion surplus for 2005
Conference Board forecasts 3.1% growth in 2005
Demand for energy lifting loonie
U.S. shifts to a more conservative stance
Large budget deficits threaten U.S. dollar
Strong dollar puts focus on competitiveness
Oil prices, pace of Chinese expansion present risks
Inflation still a concern
Strong dollar to continue into 2005: BMO Economics