Yes, I agree with that. It takes a while for the full impact of a rising Canadian dollar to feed through the economy and have its peak impact on output and jobs. We did a study for Industry Canada a few years ago, which presumably you can get access to, that examined the previous rise in the Canadian dollar, looking at increases of 10% to 15% or so, and the peak impact came two or three years after the run-up in the currency.
On November 21st, 2007. See this statement in context.