The giant Canadian telecommunication Nortel\'s bankruptcy protection file was yet another sign of the economic slowdown in the country. Canada registered in November a surplus of $1.3 billion in its trade balance. Dr. Gil Feiler of Info Prod Research mentioned that it was the weakest trade balance in more than a decade. Feiler mentioned that the main reasons for the narrowing trade balance were the decline in exports for about 7 percent mainly due to the falling commodities prices, but all the other sectors felt the decline as well. The sharp decline in the commodities prices led the Canadian economy towards recession. Recently it was reported that the slowdown in the economy hurting all major sectors of the economy: One of the largest media companies in the country Canwest Global Communications Corp warns it may be unable to comply with quarterly financial leverage ratio covenants in 2009. The near future for the Canadian economy is not promising, says Dr. Feiler, since most of the economic interaction of Canada is with the United States. Feiler noted that during November American consumers purchased $22.55 billion of Canadian goods. Moreover, the dependence of Canada on its export, the sharp decline in the commodities prices and the deep slowdowns in China, India and Russia are extremely challenging to the Canadian economy.