You read the Beige Book and you really get an impression that it is Canadian

shoppers that are underpinning the retail sales revival stateside. Read these

snippets:

"New York and Minneapolis noted that shopping by Canadians was strong at

businesses near the border".

"One large mall in the Buffalo area also notes strong spending by Canadian

shoppers".

"Recent retail activity in Green Falls, Mont., has picked up modestly; Canadian

traffic was solid".

This also may say something about the degree to which the Canadian dollar is

overvalued right about now.