In the monetary policy report, rather than construct a detailed forecast for the price of oil, what we do is we adopt a convention, which is that it will stay steady at an average price in its recent market observation. The price that we chose for this particular monetary policy report is $85 and we hold that constant for our projection exercise. Similarly, we hold the Canadian dollar constant in our exercise. Then we analyze the risk to the economy of either upside or downside scenarios on the price of oil. There are a number of risks on both sides of that, so it's an important thing to take into account. We have calculated that growth in 2015 will be about a quarter point lower as a result of this decline in the oil price since our last forecast.
On November 4th, 2014. See this statement in context.