Market forces affect the value of the Canadian dollar and the Bank of Canada has a role to play in setting currency exchange rates; that is a fact of life in every industrialized country. We have to look at both sides of the coin. When the dollar is high, these same companies can buy lower-cost goods and equipment that will then be used to increase their productivity, since they source these goods and equipment mainly in Europe, for example, in Germany, as well as in other developed countries. So it costs less to acquire goods and equipment when the dollar is high.
On June 6th, 2006. See this statement in context.