Its going to be very interesting to watch, although I'm not convinced on one or two points:

1. US traffic to Canada will probably increase, but I doubt there will be a significant increase in US-> CAN air traffic. I expect most of the gains to be in the form of tourists driving into Canada from border states, and not people from distant states flying up.

2. In theory fewer Canadians will go cross-border shopping, although that may well be symptomatic of fewer Canadians travelling south. Furthermore, oil prices are down, so there is room for US LCCs/ULCCs to protect their market shares by providing competitive prices. I suppose the same applies to TATL and TPAC - all of the carriers on the route have room to cut fares in response to aggressive pricing.

3. Most Canadians don't know the EU/CAD conversion. They're being fed a steady diet of the CAD devaluing against the USD. Going to be interesting to see if they do their homework or just read the headlines and assume the CAD is devaluing against all major currencies. Also going to be curious to see if we see an uptick in EU -> CAN traffic for the same reason.

4. Has manufacturing recovered yet? Has any sector recovered yet? I know it should recover, but the general consensus seems to be that the economy is heading in a rough direction.