I'll ask John to pitch in here, because he's done quite a bit of research on these issues, but I think the general point is that these foreign exchange markets are very large—in the trillions of dollars. So at times, when you do see a transaction taking place in the market, it can have an impact on movements in exchange rates. You call these M and A flows, but we get these flows going in both directions. We do live in a globalized world, so you have to think about flows coming into Canada and flows going out of Canada. Yes, you can see evidence of these flows having an impact, but over time, given the size of these markets, the underlying economic factors are really what move exchange rates on a sustained basis.
John, you've done some work on this issue of flows versus stocks.