I do not think that shale gas production in Canada will lead to an increase in the value of the Canadian dollar the same way that oil production has. The reason for that is because the profit, the surplus over the price on production costs, is much lower in the case of shale gas. That activity is going to have a relatively minimal impact on the Canadian dollar. It will likely be comparable to softwood lumber or other primary resource production. Primary resource production is more likely to affect the value of our currency when the sale price and the production costs vary significantly. Such resources include oil, potash and those kinds of activities.
On December 14th, 2010. See this statement in context.