The Globe and Mail reports in its Wednesday edition that United States orders for durable goods surged in July. The Globe's Kevin Carmichael writes that earlier this year the Bank of Canada released a discussion paper called "Canadian Non-Energy Exports: Past Performance and Future Prospects." Five of the industries BOC researchers say will lead the recovery -- aerospace, industrial machinery, electrical machinery, communications equipment and computers -- were benchmarked against United States business investment. Some market participants assume BOC policy is geared to putting downward pressure on the exchange rate. The Globe says, however, BOC Governor Stephen Poloz's approach to the currency is more nuanced than that. Inflation is affected by growth and growth is affected by exports. Some exports are influenced by the exchange rate and others are not. As it happens, the ones sensitive to the exchange rate also are the ones the BOC is counting on to lead the economy. "You can't ignore that" the dollar is higher, says Mr. Poloz. The bottom line, according to The Globe, is that it is time to stop accusing the BOC of operating a stealth campaign to weaken the dollar.