If I understand the question correctly, exchange rate obviously affects the competitiveness of Canadian products in the markets, particularly if there's a lot of Canadian value that's being produced and priced in Canadian dollars.
That said, the high Canadian dollar of the past decade did not hit all industries in the same way. Some industries that would expect to have been substantially affected by a high Canadian exchange rate did quite well, actually. I think that points to that issue of innovation you mentioned: companies and industries that can innovate are able to still compete with a high dollar.
Another point we make in the report is that the high dollar should in fact encourage companies to invest abroad as well, because it would make it easier to acquire assets. We're actually quite concerned—and this is why we think this is more of a systemic issue of Canadian companies being willing to go abroad—because we didn't see a large growth in our outward investment during the time when our dollar was high.