How is devalueing your dollar any different than slapping a tarrif on imported goods? That is essentially what Carney is doing by threatening to buy US$ in order to devalue the C$. Does he who has the most worthless currency win?They're not even shy about printing money anymore.

"But if the currency continues to surge, Mr. Carney stressed that he retains “considerable flexibility” to stoke the demand required to get inflation back to the 2-per-cent target. His options would include creating money to buy U.S.-dollar denominated assets or direct intervention in foreign exchange markets.

“Depending on the sum of events that happen going forward, we will adjust policy going forward in order to achieve that target,” Mr. Carney said. “The markets shouldn't underestimate that.” "

http://www.theglobeandmail.com/report-on-business/crash-and-recovery/bank-of-canada-talks-tough-on-rising-dollar/article1334608/