The relative productivity gap between Canada and the United States is a controversial subject matter. One argument especially contentious in this debate stems from the belief that the gradual depreciation of the Canadian dollar over the last 20 years has been one of the determinants of the productivity gap. In fact, the exchange rate depreciation seems to have artificially improved Canadian firms' productivity, which tends to inhibit their incentive to better productivity. One of our objectives will be to study the empirical link between these variables in order to determine whether this assumption is verified empirically.