In response to your question, Mr. McKay, it's worthwhile to go back to the governor's opening statement about how we currently see things. We have a flexible exchange rate regime that is part of our inflation control framework, and we look at the exchange rate through that prism. What we have said in our press release and in our monetary policy report is that notwithstanding the positive factors currently in play in the Canadian economy, the rise in the Canadian dollar, if it were to persist, could have counterbalancing effects. So we're looking closely at the impact of the dollar on the Canadian economy and the inflationary consequences of that impact. It's through this prism that we think about these things.
On October 27th, 2009. See this statement in context.