I do not understand the arguments about why this matters non-symbolically, assuming they use the real exchange rate
Look at it from a flow perspective.
Say Canada pays for something in the US with US dollars. There must be (long-term, anyway), a counterbalancing flow of US dollars out of the US into Canada. This drives up the value of US dollars directly, and ‘only’ drives down the value of Canadian dollars indirectly (via some components of said secondary flow). Said indirect flow is less than the direct flow, for various reasons (much of said secondary flow can be e.g. other goods or services as opposed to Canadian dollars).
On the flipside, say Canada pays for something in the US with Canadian dollars. There must be a counterbalancing flow of Canadian dollars out of the US into Canada. This drives down the value of Canadian dollars directly, and ‘only’ drives up the value of US dollars indirectly (via some components of said secondary flow). Said indirect flow is less than the direct flow, for various reasons (much of said secondary flow can be e.g. other goods or services as opposed to US dollars).
Look at it from a flow perspective.
Say Canada pays for something in the US with US dollars. There must be (long-term, anyway), a counterbalancing flow of US dollars out of the US into Canada. This drives up the value of US dollars directly, and ‘only’ drives down the value of Canadian dollars indirectly (via some components of said secondary flow). Said indirect flow is less than the direct flow, for various reasons (much of said secondary flow can be e.g. other goods or services as opposed to Canadian dollars).
On the flipside, say Canada pays for something in the US with Canadian dollars. There must be a counterbalancing flow of Canadian dollars out of the US into Canada. This drives down the value of Canadian dollars directly, and ‘only’ drives up the value of US dollars indirectly (via some components of said secondary flow). Said indirect flow is less than the direct flow, for various reasons (much of said secondary flow can be e.g. other goods or services as opposed to US dollars).
Disclaimer: I am not an economist.