Thank you, Ms. Nash.
I think you can safely say it's a double-edged sword as far as the airlines are concerned. Whether you're driving or flying to the United States or taking the train or the bus, going southbound we have an advantage, of course, as our currency either is at par with the United States or surpasses the U.S. value of the dollar.
Northbound, I think we've seen a softening of traffic as Americans do not fly as often to Canada, perhaps because of the perceived increase in cost because of currency fluctuations. Most of that traffic comes over by service vehicles rather than air transport. Nevertheless we've seen a softening of weekend travel, as we stated earlier in response to Madame Brunelle's question, the discretionary traveller. Business travellers are a little bit less price-sensitive, to that end.
What I mean by the fact that it's a double-edged sword is that while our fuel is priced in U.S. dollars, our aircraft are also priced in U.S. dollars. At the time we buy our aircraft—we have $12 billion U.S. outstanding right now in aircraft orders with Boeing, for example—that $12 billion is financed at the time of purchase, at different currency fluctuations. So while the U.S. dollar amount is advantageous to us, when it goes up for us, we have a little bit of a price break on aircraft. All our aircraft parts are priced in U.S. dollars, so we were able to buy inventories in the last six months at more advantageous prices. That's the backdrop under which we're looking at currency fluctuations and their impact.