Correct.
In terms of this undeniable relationship, typically when oil then fell, and the Canadian dollar—as in your chart—for the last 15 years, but even going back further, also fell, manufacturing would pick back up. One of the things we've heard from some of the Canadian manufacturers is that since having lost 400,000 manufacturing jobs in the Canadian sector, which is acknowledged by StatsCan, the pickup in manufacturing hasn't been realized as it has in previous downgrades in the oil sector.
What's the bank's view on that?