The study looked at how the Canadian dollar's value compares to other currencies. They used a method called Johansen cointegration and found that purchasing power parity holds true when looking at wholesale prices, but not consumer prices. They also found that the relationship between exchange rates is mostly symmetrical and proportional. The number of factors affecting the exchange rates can change depending on the data used, but the results remain consistent over time. Finally, a different test showed that the previous findings about cointegration were incorrect.