speed of change that is virtually unprecedented. So how are the impacts of the current dollar appreciation being felt?  First, there is no doubt that some exporters are curtailing shipments to the U.S. and potentially seeking other markets for their products, just like there are firms importing for the Canadian market who would benefit from the dollar's rise since they can now purchase U.S.-made products at a reduced cost.  For these importers, their sales and profits stand to rise owing to the currency appreciation. Other Canadian exporters are reacting to this appreciation not by raising prices or curtailing product shipments to the U.S. but by enduring a lower rate of profit.  Many of Canada's exports, most notably commodities, automotive and electronic products, are priced in U.S. dollars.  In these situations, the rise in the dollar would not alter the selling prices -- the prices that the buyers would pay.  What would change is the price the exporter in Canada receives as the U.S. dollar export revenues are converted into domestic currency at the now higher exchange rate.  The conversion of sales to the U.S. market from U.S. dollars to Canadian dollars in financial statements will tend to reduce reported profits.  As Stephen Poloz remarked, companies could attempt to recover the profit reduction at some future point or respond to the currency change by boosting efficiency and trimming costs so as to restore their profit margins.  On the latter point, George Vasic categorized current profits as being quite high so that