I would argue as an economist that probably the exchange rate now is overvalued. I would agree it was previously undervalued. I think there was a tipping point reached when we hit the high seventies- and eighty-cent level, which by the way would equalize unit labour costs between Canada and the U.S.
The other major factor that's very much in play here that we have to get our heads around is the competition from China, the surge in Asian exports to the North American market. I'm not sure the exchange rate alone lies behind that.