Notice also in Figure 1 the very substantial variability of Canada's exchange rate with respect to the U.S. dollar. The price of the Canadian dollar in U.S. dollars fell (the Canadian dollar depreciated) by more about 30 cents between 1974 and 1985, rose by more than 15 cents between 1985 and the early 1990s, then fell by more than 20 cents by 2002. Finally, it rose by about 40 cents between 2002 and the end of 2007. This degree of variability was also present in the exchange rates of most other countries from the early 1970s onward.