Thank you Governor and Deputy Governor for your testimony today.
I'm going to comment on the report a bit. On the Canadian economy it says that the projection for economic activity through 2016-17 has been revised up. Slower foreign demand growth, the higher Canadian dollar, and a downward revision to business investment all had negative impact on the outlook, but are more than offset by the positive effects of the fiscal measures announced in the federal budget.
I'm going to focus on the Canada-U.S. exchange rate. I won't ask what the ideal exchange rate, is because that is determined by the market. Can you comment on if the Canadian dollar is low, or if the Canadian dollar is above the U.S., what are the negative and positive effects on the Canadian economy in both scenarios?