Yes, I think there are three fundamental factors, and you mentioned two of them. There's just the general malaise of the U.S. dollar connected to their trade and fiscal deficits. Secondly, there's the rise of commodities, and that's why we've risen more than the euro or the yen.
But third--and Jim Stanford referred to this at the beginning--as opposed to the 1980s, when we had a readjustment of world imbalances and the U.S. dollar depreciated and it had a happy ending because the U.S. trade deficit almost went away, we have huge blocks of countries that have quasi-fixed exchange rates to the U.S., mainly China and the OPEC trading nations.
So a disproportionate amount of the U.S. dollar adjustment is falling on a small number of currencies, and we're only about 20% trade weighted in the U.S., but we've absorbed well over a third of the overall adjustment. So I would add that as a third factor. Less of that adjustment would have been forced on to the Canadian economy if the Chinese and the OPEC currencies were appreciating as they should, in theory, against the U.S. dollar.