Canada's economy took a beating in 2015 as the oil industry began a downward spiral which brought the loonie down with it.
Analysts say 2016 promises to be a better year for a country which is heavily dependent on oil.
Senior petroleum analyst Dan McTeague with Gasbuddy.com believes oil has not quite reached the bottom yet.
"I think it's going to be a very mixed, volatile year with more damage in the oil industry... at least until the middle part of the year (2016)."
McTeague says while the latter half of the year looks better for the economy, it will also likely mean higher gas prices too.