When you look at the U.S. dollar, it has turned the corner, but that's after a 10-year trend of depreciation. It has bounced back from very undervalued levels and that is translating on a quarterly basis into some foreign currency losses as they report back in U.S. dollar terms. That's one of the components in terms of a recent weakness in quarterly earnings results.
For Canada, we saw the flip side of the U.S. dollar weakness when the Canadian dollar went up to parity and beyond. We're now seeing part of the weakness in the Canadian dollar reflecting U.S. dollar strength.
If the U.S. dollar were to turn lower, we'd probably see some upward pressure on the Canadian dollar. Our view is that the U.S. story is stronger growth relative to anywhere else in the major economies. It's the only central bank that's actually raising rates, while others are still cutting and some into negative territory. It's in a better fiscal position and better current account position. It suggests to us that the trend should be predominantly upward over the next couple of years.