Thank you, Chair.
Thank you for coming, Mr. Carney and Mr. Macklem. I would like to mirror what has been said as well. I think you've been doing a really fine job. I think a lot of the stability we have in this country is a result of the work you've done. The confidence Canadians feel, the public's confidence, is probably as important as anything else.
We talked a little bit about resources. As a nation, we are richly blessed with natural resources, and having those is a significant driver. You've said that too, Mr. Carney, that those have had a profound effect on our economy, especially the oil sands.
One of the issues I hear about and I think all of us hear about in our ridings is the high dollar. There are those who claim--and we know this--that the dollar oftentimes mirrors the rising price of oil. There are those who claim that Canada's currency is nothing but a petrodollar.
Mr. Carney, you did say—I want to quote you—last week in a report:
It is far too simplistic to talk about [Canada's] dollar as a commodity currency, let alone a currency that moves consistent with one commodity. This is a much more diverse, complex economy than that, and this is one manifestation of it.
I wonder if you could tell the committee what other factors or complexities help determine our exchange rate.