The Globe and Mail reports in its Thursday edition the Canadian economy is about to flatline, according to global bank Macquarie. The Globe's Luke Kawa writes that in some of the most bearish commentary on Canada, Macquarie analyst David Doyle turns to history for a look at what to expect from a collapse in oil prices. His report points out that, in 1986, following the last supply-side-driven crash in oil prices, Canadian economic growth decelerated from 5 per cent to zero. Much depends on the strength of the U.S. economy. Since the beginning of 1983, there have only been seven quarters in which the Canadian economy contracted on a quarterly basis while the U.S. economy grew. Two of these instances occurred in 1986. Macquarie projects 60,000 job losses this year, the Bank of Canada will cut the overnight rate 50 basis points to 0.25 per cent by the middle of the year and the Canadian dollar will fall to 69 U.S. cents by the third quarter. Mr. Doyle advises buying U.S. stocks or Canadian equities with a large amount of foreign exposure. His underweight companies whose revenue streams come predominantly from domestic sources, such as Home Capital, Rona, Metro, Wajax and Rogers Communications.