Thank you, Mr. Chair.
I would like to thank all the witnesses for attending.
Mr. Mendes, in the past 10 years, the value of the Canadian dollar against the U.S. currency mostly followed the various oil prices on world markets. It is very interesting to see that it peaked on November 7, 2007, at $1.10; it was very high. In 2009, following the dramatic fall in oil prices and because of the crisis we were going through, the Canadian dollar went down to 76¢ against the U.S. dollar, then increased considerably, moving up with the rise in oil prices.
In your opinion, is this fluctuation of the Canadian dollar relative to the U.S. dollar linked to the strength of the U.S. dollar or to the world price of oil? Do these two factors have a roughly equivalent impact on the Canadian dollar?