I would say simply that what matters for the bank is where the currency is and where all other domestic and external factors are and the totality of their impact on aggregate demand and therefore inflation in Canada. And obviously our terms of trade, prices of commodities, are one of the external factors that matter. But just to take the exchange rate and just to take the terms of trade, and to ignore everything else—U.S. activity, domestic activity, housing market, etc.—would be a partial analysis and would be inconsistent with our mandate to meet our inflation target.
