CAD depreciation since 2022 has acted as a partial buffer on raw material costs when expressed in USD — processors paying CAD-denominated dock prices have seen their USD cost rise less than the CAD price alone would suggest. In 2026, continued CAD weakness at current levels provides approximately 80¢/lb of buffer on dock cost relative to a par exchange rate. This buffer disappears if CAD strengthens on a trade deal resolution or commodity price recovery.