As you said, a change in the value of the Canadian dollar has various effects on companies, depending on their area of activity. For example, if we are talking about an import company, a stronger dollar means it is less expensive to buy goods or services from other countries. In that case, it would probably be good for that company. It would be a positive thing.
Furthermore, that company may have to make major investments. Most of the machinery and equipment in our country comes from abroad. So it costs less to buy it with a higher-value currency.
On the other hand, if a company mostly exports, that would be a negative thing.
We have conducted surveys. We have regional offices across the country. Companies have done surveys for us across the country to study the various effects on different companies and to have an idea of the aggregate effects because, ultimately, we only have one instrument, one single goal, which is to target inflation at 2%. We must therefore consider the economy as a whole. We can see that overall a higher currency slows growth in Canada, and all things being equal, this will exert a downward pressure on inflation. This is something we keep in mind in doing our daily work.