Very much so, since the standard economic model is that there's a yin and yang between monetary and fiscal policy. We've seen recently that when you increase fiscal stimulus the markets go, “Okay, the economy is going to pick up.” Therefore, they expect interest rates to go up. They bid up the exchange rate and much of the benefit you get from fiscal policy is offset by monetary policy. We've seen the reverse now. As expectations for growth are revised down and as people expect the stimulus from fiscal policy to yield fewer bangs for the buck than expected, lo and behold, we've seen the exchange rate fall back and give back about half of its gains. It jumped from 70% to 80% and recently, it's fallen back to about 75% as markets factor in a weaker outlook for the Canadian economy.
