The loonie was at 74.4 cents on average in April so if it stays at 73 cents for May we will see a 1.9% drop for this month, and it could fall lower. The Bank of Canada under Poloz always talks about exchange rate changes that feed into inflation as if they are one-shot events whose effect will dissipate over time. In fact, it has been more or less continuous on his watch. From May 2013 to April 2017, the loonie fell at an annualized rate of 6.8% against the dollar.