Mike Moffatt | The loonie is plunging, and oil is dirt cheap in Canada

With the loonie plummeting and oil prices at a record low of $16 a barrel, the short-term future of the Canadian economy looks grim.

“Are we in trouble? The short answer is yes,” said Assistant Professor Mike Moffatt in an interview with VICE News.

"Predicting the future price of oil is a fool's errand. It could go up $25 over the next couple of months," he said. "But it probably won't. There is a very good chance we'll be in a low commodity price world for some time to come."