Initially, back when the dollar started to climb, 90¢ was considered very high. A number of our industries made different representations about how difficult it would be to compete with a dollar that was over 85¢. In this particular instance, our work in Scotia economics was focused on the motor vehicle sector and its representations.
Going forward, what the dollar is also doing is a constant skim on the profit that's available, because so many of our contracts are denominated in U.S. dollars. Even outside the manufacturing sector, the dollar has a very significant impact, because if the product is denominated in U.S. dollars, of course you are receiving less.
There's a concern across all industries that as we move through parity, it's another threshold. I think Canadian business has proven to be resilient, but it is tough to be resilient in a global situation where we already have overcapacity in many industries.