Bulletin – September Quarter 2018 Equation (4)

Δ ( x CAD ) t w ^ t = α 0 + α USD [ Δ ( USD CAD ) t w ^ t ]+ α EUR [ Δ ( EUR CAD ) t w ^ t ] + α JPY [ Δ ( JPY CAD ) t w ^ t ]+ α GBP [ Δ ( GBP CAD ) t w ^ t ] t + ν t .