Features
The late Rabbi Zalman Schachter’s time in Winnipeg recalled at lively evening hosted by Jewish Heritage Centre
(This article originally appeared in the Dec. 21, 2016 issue of The Jewish Post & News) By BERNIE BELLAN
It was billed as an evening that would be devoted to “Rabbi Zalman Schachter and the Winnipeg origins of the Jewish Renewal Movement”.
Like just about everything else associated with the late Rabbi Schachter (who died in 2014 at the age of 90), it was an evening not without controversy.
The Jewish Heritage Centre promoted the program, which was held Monday, Dec. 12, in the Multipurpose Room of the Asper Campus, as part of “its synagogue series connected with the Synagogues Exhibit at the Asper Campus.”
With the ever-clever Prof. Dan Stone serving as host, the audience of over 100 was treated to a series of reminiscences about Rabbi Schachter’s 19 years spent in Winnipeg (from 1956-75) – a time that paralleled the advent of the “New Age” movement, also a time during which the use of hallucinogenic drugs became highly popular among young people.
The evening featured three main speakers: Rabbi Alan Green, who was given his “smichah” by Rabbi Schachter; Prof. Justin Jaron Lewis, an expert on Hasidism and the organizer of an interview project centering around Rabbi Schachter’s time in Winnipeg; and Alexandra Granke, a graduate student at the University of Manitoba in the Department of Religion, whose Masters thesis dealt with the influence Winnipeg’s Jewish community had on Rabbi Schachter’s thinking.
There was also a contribution from Murray (Moish) Goldenberg, who was a protégé of Rabbi Schachter’s. Goldenberg read a poem devoted to the late rabbi’s memory.
Following the speakers’ presentations, Dan Stone invited anyone in the audience who wanted to tell of their own experience with Rabbi Schachter to speak up. One by one individuals told stories about how Rabbi Schachter touched their lives.
Lest anyone reading this think that the evening was nothing more than a love-in for Rabbi Schachter, however, there were some negative notes struck as well. Although he was undoubtedly a man of great charisma, Zalman Schachter had his detractors. Two themes mentioned several times, both by the featured speakers and audience members, coursed through recollections of his time spent in Winnipeg: his faithlessness when it came to his relationships with women, and his overt championing of drug use.
Following is an account of some of what was said:
Rabbi Green who, Dan Stone told the audience, will be leaving Winnipeg in 2018 to move to Fairfield, Iowa – the centre of transcendental meditation, described first meeting Rabbi Schachter in Los Angeles in the 1970s.
In time, Green became a devout follower of Rabbi Schachter’s, culminating in his receiving his smichah from Rabbi Schachter in Philadelphia, where he found the rabbi “surrounded by a bunch of old hippies” – some of whom “were leaders of the New Left in the 1960s.”
“My first class with him,” Rabbi Green said, “was kind of a Sinai movement for me. It literally took my breath away.”
Rabbi Schachter had a multitude of interests, including “Jewish mysticism, humanism, and modern psychology” among others, noted Rabbi Green. As well, “he was fluent in many languages.”
What impressed Rabbi Green quite deeply, he said, was how Rabbi Schachter “brought together Judaism and Indian mysticism”.
“How often we let fear get in the way of Jewish mysticism,” Rabbi Green said Rabbi Schachter once told him.
Turning to the subject of the Jewish Renewal Movement and Rabbi Schachter’s central role in that movement, Rabbi Green observed that “there are now hundreds of Jewish Renewal rabbis – most of them ordained by Rabbi Schachter.”
It was in Winnipeg, Rabbi Green noted, that Rabbi Schachter “created the first rainbow talit”. It was also here that “the interface between psychedelic drugs and spiritual practice” first took root among Rabbi Schachter and his many followers.
Rabbi Green commented, however, “that I always found this phase of Rabbi Schachter’s life to be somewhat embarrassing”.
Following Rabbi Green’s presentation, Justin Jaron Lewis took the podium to offer some observations about Rabbi Schachter’s time in Winnipeg. Lewis noted that Rabbi Schachter’s own autobiography has relatively little to say about the time he spent here, even though it was a fairly lengthy period. As well, the Wikipedia article about the rabbi barely mentions his time spent in Winnipeg, Lewis also observed.
It was partly because of that vacuum, Lewis explained that, at the behest of his colleague in the Judaic Studies program at the University of Manitoba, Ben Baader, Lewis embarked upon the creation of an oral history project devoted to gathering “memories of Rabbi Schachter during his Winnipeg years.”
With contributions from 28 different individuals, all of whom whose lives were touched by Rabbi Schachter at some point during his time spent in Winnipeg – as the director of Hillel, as the representative of the Lubavitcher Rebbe, as a Professor of Religion, and in the many other roles he played, interviews were gathered. Those interviews now reside in a collection put together at the University of Colorado in Boulder (where Rabbi Schachter spent the final years of his life).
(If you would like to listen to any of those interviews simply Google “Winnipeg Jewish renewal”. According to Lewis, however, some of those interviews are not entirely positive in the impressions some interviewees had of Rabbi Schachter.)
The fact that Winnipeg seems to have been almost deliberately obscured in any writing, either by Rabbi Schachter himself or others writing about him, is somewhat of a puzzle for Lewis. After all, he observed, it was here that Rabbi Schachter “began the chaotic and colourful phase of Judaism that became so important in his later years.”
Perhaps it was the shroud of controversy that surrounded him while he was here that led to Rabbi Schachter’s downplaying the time he spent here but, as Lewis suggested, “over time the world has forgiven him even though he left Winnipeg under a cloud”.
It was left to Alexandra Granke to fill in some of the blanks that others have found when it comes to knowing more about the time Rabbi Schacter spent here.
As Granke explained, she was “the first person to have listened to all 28 interviews about Rabbi Schachter” that Winnipeggers gave. (By the way, if you have something you’d like to tell about Rabbi Schachter, you can still get in touch with Justin Jaron Lewis, who said he would love to hear from anyone else who might have something to contribute to the oral history project. He can be reached at Justin_Lewis@umanitoba.ca .)
In analyzing Rabbi Schachter’s often controversial stay in Winnipeg, Granke observed that “there was an air of inevitability about Rabbi Schachter’s break with the Lubavitch movement.”
Granke referred to an interview given by Abe Anhang, who talked about Rabbi Schachter’s use of LSD as the reason for his departure from the Chabad movement.
“His use of LSD runs through many of the other interviews,” Granke noted. Yet, she was “surprised by the relative nonchalance of many of the interviewees” toward Rabbi Schachter’s prolific drug use.
In fact, one interviewee mentioned how she was first introduced to “weed, mescaline, and cocaine” by Rabbi Schachter.
Rather than simply dwell on this aspect of Rabbi Schachter’s life though, Granke observed that many interviewees spoke of how he “opened up his group of followers to a different understanding of Judaism.”
“Doing drugs for him was not something fun,’ Granke noted. Rather, “for him it was about a way to reach a higher level of spirituality.”
Turning to yet another oft-criticized component of his life, Granke did refer to Rabbi Schachter’s having “fathered ten children with a variety of women.”
Yet, despite his somewhat notorious reputation, Granke suggested that others “were willing to overlook his lapses in moral judgment because he was so accepting of others.”
Although Reb Zalman, as he came to be known affectionately by his devoted followers, may have “been the opposite of what was expected of rabbis in Winnipeg,” his “dedication to people” is what seems to have been the mark that he left most often upon others.
“Reb Zalman always had time for others,” was a common refrain through the interviews, Granke said.
As one interviewee suggested, Rabbi Schachter’s form of spirituality, which he formulated while he was in Winnipeg, was “Buddhist chakra meeting Jewish sphirot”.
“He was a Jewish practitioner in a universal soul,” said one interviewee.
Granke referred to the interview given by Len Udow, who suggested that the pain of Rabbi Schachter’s wartime experience (when he fled first from Vichy France, then to Belgium, where he was “one step ahead of the Gestapo”) dissipated during moments in which he was engaged in prayer. “It was as if all the pain of the war was dispelled by the sudden connection with his many ancestors.”
Murray Goldenberg mentioned Rabbi Schachter’s having taught him the blessing for marijuana: “shehakol neheyeh b’dvaro” (who brings about everything by his word).
Yet, as I noted earlier, not everyone was so rosy-hued in their memories of Rabbi Schachter. David Wilder suggested that “the reason he (Rabbi Schachter) doesn’t mention Winnipeg in his writings is because of his situation with his family. His kids didn’t speak to him,” Wilder said (because of their father’s having left their mother to take up with the daughter of a well-known Winnipeg radio announcer).
Justin Jaron Lewis did say though, that “the kids reconciled with him at the end.”
As audience members after audience member spoke up to recall their own experience of Rabbi Schachter, it was easy to understand the enormous impact that this man had on so many Winnipeggers. As Jerry Cohen said, “There was no greater influence on my life Jewishly than Reb Zalman. He was a great influence to many of us in those early years in Winnipeg.”
#1 Mr. — Ernest Seinfeld 2017-07-09 11:15
This is the first time I am reading about this rabbi. I also read an article about him today in the Jerusalem Post and made the following comment:
“I remember Rabbi Schaechter as a fellow student in Vienna at the Sperlgymnasium (high school, the same Sigmund Freud atttended) in 1937.
In Austria classes in one’s religion were mandatory.
He kept trying to upstage our religion teacher by frequent interrupting him with “Raschi said”.
The rest of the students who had no idea of the teaching of Raschi and hardly were even aware of this great Talmud scholar, after a while gave him the nickname ‘Raschi’. The teacher obviously did not enjoy these interruptions but remained quiet and polite.
Ernest Seinfeld
es893columbia.edu”
I attended three years with him in the same classes. He sat always in the first row and tried to ‘shine’. He craved for attention, a trait his fellow students did not exactly find appealing.
In our January 18, 2017 issue we also printed this letter from members of Rabbi Schachter’s family, in response to the original article:
Response to article on Reb Zalman Schachter
We are the widow and children of Reb Zalman Schachhter-Shalomi, z”l. We want to recognize the initiative of the Jewish Heritage Center in convening a public forum honoring our father and Winnipeg origins of the Jewish Renewal Movement. While none of us live in Winnipeg any longer, we treasure the time that the family had in Winnipeg and are sorry that we were unable to be present for this forum. Had we been present, we would have contributed to this retrospective in the following ways.
- The article “The late Rabbi Zalman Schachter’s Time in Winnipeg Recalled at Lively Evening Hosted by Jewish Heritage Centre” misstated the tone of his family situation. Our father was wholehearted in his relationship with his wives and children. His marriage breakdowns were certainly not caused by lapses in moral judgment. Divorce almost always is difficult for the marital partners and children. In the case of Reb Zalman and Feigle, the decision to end their marriage was understandable as, much earlier, they recognized that their relationship was unsustainable. They had drifted apart as a result of the differences in their spiritual visions and only intentionally stayed together until their youngest child reached her Bat Mitzvah so that she would have the capacity to deal with family breakdown. None of the children harbor any resentment to children from other mothers. It is a testament to Reb Zalman’s love for his children, and our love for him, the that we are all in touch with one another to share each other’s joy and provide support in times of need.
- There is an element of physical harshness in the name Schachter, which has its origins in Shochet (slaughterer). Reb Zalman was someone who was deeply concerned with the increase in violent conflict in the world. He adopted a typical Jewish response to his concerns by adding a name that would bring to our consciousness the need to pursue peace, Shalom. For many years now, he has been known and called Rabbi Zalman Schachter-Shalomi.
- The relatively limited material in the University of Colorado archives on Jewish Renewal on Reb Zalman’s time in Winnipeg is not based in any way on any deliberate action on his part or because of an alleged cloud causing him to leave the city. Reb Zalman moved to Philadelphia because it had a larger Jewish community and was closer to other large Jewish centers in North America. Reb Zalman had begun providing rabbinic training in Winnipeg, but few students were willing to come to Winnipeg to study. The move to the east coast enabled many more students to access his training and become rabbis. As for the gap in current literature concerning Reb Zalman’s time in Winnipeg, we applaud Professor Lewis’s initiative in collecting oral histories to be added to the archive at the University of Colorado. Regarding the claim that Reb Zalman ignored Winnipeg in his autobiography, it should be noted that 97 pages of the 186 page “My life in Jewish Renewal,” (aside from the Appendices), are devoted to years living in Winnipeg. It is crucial to note, however, that much that happened during this period took place during his numerous travels outside Winnipeg.
We are aware that some of his views and activities were challenged by some elements of the Winnipeg Jewish community. Reb Zalman, as we all are, was human. However, for those who focused their comments at the forum on his imperfections, we wonder what standard they were holding him to. On the first Shabbat of the secular year We read Parshat Va’yigash. The story of our ancestor Ya’acov is drawing to a close. Yes, Ya’acov had issues with his wives, with his children, and with neighbors in the broader community. Those flaws, however, are not the major part of his remembrance. We remember him as a Jewish ancestor whose legacy was that all Jews now are known under Ya’acov’s second name, Yisrae. We are all B’nai Yisrael.
We, his widow, his daughters and sons, his grandchildren and great-grandchildren, all feel that we have been blessed by being the spouse and offspring of one of the 21 century’s greatest rabbis. Each of us, in our own way, is seeking to continue the contribution to society that he has made. May our actions and the actions of Winnipeg Jewry give our father’s neshama an aliyah!
Blessings,The Widow and all the children of Rabbi Schachter-Shalomi
Eve, Miriam, Rabbi Shalom, Josef, Yale, Chana Tina, Jonathan, Lisa, Shalvi, Rabbi Shlomo Barya, Yotam & Rossi
Features
“Kaplan’s Plot” – newly released novel set in Chicago is both historical fiction and psychological drama
Reviewed by BERNIE BELLAN I had been searching for a new book this summer that would be of particular interest to Jewish Post readers when I came across the title of a new book that had yet to be released, called “Kaplan’s Plot.” It had received quite a bit of buzz on a number of websites that spotlight books that have – at least in part – a Jewish theme, although it still had not been reviewed when I first read about it.
The plot of the book, as it was described in those initial previews, certainly appealed to me, as it was said to combine a story about a Jewish gangster in Chicago in the early part of the 20th century with a modern day story about a man whose life had come completely unravelled and who was forced to return to Chicago to live with his dying mother.
I’ve been a fan of Jewish gangster stories for years, especially ones written by our own Allan Levine – and I’d often published stories about real life Jewish gangsters – or Jewish gangster fighters – as the case may be, in the pages of The Jewish Post & News (also on jewishpostandnews.ca).
Last year, for instance, I wrote a review of a book called “The Incorruptibles,” about efforts by law-abiding Jews in New York City in the early part of the 20th century to fight corruption. You can read my review here: “The Incorruptibles.”
Also, in the past I’ve run stories about Jewish underworld figures who either lived in Winnipeg or had a strong Winnipeg connection. One of the most popular stories ever to appear on our website, for instance (and which is still being widely viewed), is one that was written by Bill Redekopp – a former writer for the Free Press, who had profiled a fascinating Winnipeg bootlegger by the name of Bill Wolchock in his book, “Crimes of the Century – Manitoba’s Most Notorious True Crimes.” You can read Redekopp’s story about Wolchock at “Bill Wolchock.”
Another story that garnered quite a bit of attention when it was first published was Martin Zeilig’s story about Winnipeg-born Al Smiley, which appeared in the March 29, 2017 issue of The Jewish Post & News. The most interesting tidibt in Martin’s story was that Smiley was was sitting beside the notorious Benjamin “Bugsy” Siegel when Siegel was murdered in 1947. That story doesn’t appear as a stand-alone story on our website, but you can find it by downloading the entire March 29, 2017 issue by entering a search through our “Search archive” link for Al Smiley.
One more story that dealt with Manitoba Jewish gangsters (and which also referenced the Bill Wolchock story) was one I wrote in 2023 titled “A deep dive into the lives of some shadier members of our community.” In that story I wrote about a book that was about to be published titled “Jukebox Empire: The Mob and the Dark Side of the American Dream.” It was the story of Wolf Rabin (born William “Wolfe” Rabinovitch), written by his nephew, David Rabinovitch.
All this serves as a very long winded preamble to a review of “Kaplan’s Plot.” I was somewhat disappointed to learn that the characters in the book are all fictitious, since the mobsters are so vividly drawn – although there are very brief references to real-life mobsters, including Al Capone, Meyer Lansky and Charles “Lucky” Luciano, that make you wonder whether some of the other mobsters might also have been real people.
According to information available about the author, Jason Diamond, this is his very first novel – a very impressive debut. He certainly brings to life a very nasty Chicago in the early part of the 20th century.
What makes what Diamond has written an even more admirable achievement is that the plot works both as a riveting mystery and as a thoughtful examination of a mother and son relationship.
The story alternates between a story set in modern day Chicago (in 2023) and another story that begins in Odesa in Ukraine in 1909, but soon moves to Chicago shortly thereafter.
At first, we read about a character by the name of Elijah Mendes, who has just returned to Chicago from the Bay area, where a business venture in which he was involved has collapsed. Elijah’s mother, Eve, is dying from cancer, but she certainly retains enough strength to carry on with quite a few activities – enabled by her constant puffing on a vape pen. Eve, it turns out, has been a very accomplished poetess during her life and, although she and her late husband Peter were financially quite comfortable, she scoffs at what she regards as Elijah’s obsession with material pursuits.
Eve doesn’t pay much attention to mundane day to day matters, including opening the mail, but when Elijah discovers a series of letters from something called the Hebrew Benevolent Society, his curiosity is piqued and he sets out do discover what those letters are all about.
The chapters alternate between modern and older Chicago, as we are introduced to the Kaplan brothers – Yitzhak and Solomon or, as they come to be known in America – Itz and Sol. The brothers have narrowly escaped a pogrom in Odesa when their parents were able to secure passage for them on a boat destined for Hamburg. Eventually they find themselves on a ship sailing to America, where they make the acquaintance of a character by the name of Hershey.
Hershey tells the boys that he can help them find a place to live in Chicago, where he introduces them to Avi who, it turns out, is a major figure in the Jewish underworld there.
Diamond provides a rich description of what life was like in Chicago back in the day when the city was divided among different ethnic groups who held sway over their own respective territories and when it was dangerous to cross over into the wrong part of town.
As the story develops, we learn that Elijah is actually the grandson of Itz Kaplan, but knows nothing about his grandfather’s very shady past – beyond having been told that he was a “businessman.” When he goes to the building housing the Hebrew Benevolent Society, however, he finds out that there is an entirely new aspect to his family’s past – which leads to his wanting to probe deeply into his family’s history.
Elijah’s own demons – including past drug addiction, a failed marriage, and a deep insecurity about his own ability to succeed in business, come to the fore, but his mother’s refusal to discuss her family’s history haunts him even further.
As the book moves in parallel tracks between two time periods we find out more about Itz Kaplan – and just how malevolent a character he was. And, at the same time as Elijah learns more about Itz, he begins to better understand why his relationship with his mother had gone off the rails.
The mystery of what happened to Itz’s brother, Sol, about whom Elijah had not even known had existed, figures into both stories – the one set in early 20th century Chicago, and the one set in modern Chicago, as Elijah tries to get his mother to open up about her family.
Jason Diamond provides wonderful descriptions of some of the minutiae of Jewish life back in the day when keeping kosher was an essential element of Jewish life. Sol, for instance, is a butcher (something that his father was as well back in Odesa) and maintains a rigid observance of all Jewish laws. He is fastidious about adhering to the quite complex details of butchering meat according to the laws of kashrut, for instance.
Itz, in contrast, who has been deeply emotionally scarred by what he saw happen during the pogrom in Odesa, is totally indifferent to Jewish laws. At the same time though, the reader might develop a grudging admiration for just how cleverly Itz is able to navigate the jungle of the Chicago underworld. That’s why I began this review by referring to other Jewish crime figures – all of whom existed. While we might be repelled by their behaviour, we are often fascinated by the cleverness they exhibited in maneuvering through the almost constant danger that manifested their lives. And – it was knowing that they were living on a knife’s edge that often seemed to motivate them as they stared danger in the face.
Ultimately, Diamond brings it all home. The mystery behind Eve’s family is solved and there is some closure to the relationship between Elijah and Eve.
A truly absorbing story – although just released in September, “Kaplan’s Plot” has already garnered many positive reviews. One review on Goodreads, I note however, says that the reviewer is sick of “mob stories.” I suppose it’s quite evident that I’m a big fan of mob stories that have a Jewish element and, if you are a fan of that genre then “Kaplan’s Plot” is sure to capture your fancy. I’m not sure I’d recommend it as a Chanukah gift for the grandchildren, however – unless one of your grandchildren has aspirations of becoming a mobster.
“Kaplan’s Plot”
by Jason Diamond
Flatiron Books
320 pages
Published September, 2025
Features
CAD Performance in 2025: Key Factors Behind Its Recovery
The CAD is clawing back lost ground. Discover what pushed the loonie down in 2024, what’s lifting it in 2025, and why its future still hangs in the balance.
2024 was a strange year for the loonie. If you are an active currency trader, a quick look at a CAD/USD price chart would have you nodding in agreement. Yes, the year started off strong, but as the months rolled by, it was obvious that something was wrong, especially as we neared the end of Q3. The reason for the downtrend was clear. Most people agreed that it was the tariff threats from Washington, rate cuts at home, and a volatile global economy that were being reflected in the currency markets. And for a while, the CAD was stuck in that losing streak, with some experts even suggesting that there was still more to come.
As the new year rolled around, it didn’t seem like anything had changed. But by mid-2025, quiet shifts had turned into a noticeable recovery, with the loonie gaining back significant ground against the greenback. So, in this piece, we’ll break down what really dragged the Canadian dollar lower in 2024, what’s fueling its recovery this year, and whether this rebound is going to hold steady.
Understanding What Happened in 2024
At the start of the year (2024), one U.S. dollar traded for about 1.35 CAD, which translates to one Canadian dollar being valued at roughly 74 cents U.S. It wasn’t anything special at the time, especially after the levels of inflation and volatility of 2023. Still, economists noted that these were the few key factors that kept the loonie afloat early in the year:
- The price of oil made a comeback. Crude prices firmed up early in the year, supporting Canada’s export earnings and adding a tailwind to the currency.
- Employment figures were solid. Job growth held up, and steady wage gains helped offset the pressure of higher borrowing costs.
- The BoC held a steady interest rate. After an aggressive round of rate hikes in 2023, policymakers looked ready to pause and let the economy cool gradually.
All of these factors were thought to have helped build confidence in the Canadian economy and by mid-2024, the loonie had edged up toward 76-77 cents U.S.
Late-Year Turbulence
Not a lot of people saw it, but as Q2 2024 unfolded, the CAD started to look unattractive to currency market investors. How? Well, it started when the Bank of Canada (BoC) started to signal its intention to cut interest rates. It gave its clearest sign to this on April 10, 2024 when the bank highlighted that inflation was slowing down and it was leaving the door open for rate cuts. This announcement changed market expectations almost overnight.
Eventually, the first cut came on June 5, 2024. The BoC lowered its benchmark rate by 25 basis points from 5% to 4.75%, becoming the first major G7 central bank to start easing.
From there, the pace picked up with rates being reduced four more times. The market’s reactions to these cuts were immediate. And any currency trader with a reliable forex trading app saw each one unfold live. The CAD began to lose altitude as the yield gap with the U.S. widened. With lower returns on Canadian assets, investors favored the greenback. Adding to the pressure, the Trump campaign’s 25% tariff threat in September ignited the fears of a trade war. Which led to traders quickly pricing in potential hits to exports and investment, sending sentiment lower.
The 2025 Comeback
The CAD started 2025 trading at around 67 cents U.S., with some days even seeing it flirt with the 66-cent mark. So, it was a common assumption in the currency traders’ community that 2024 might repeat itself. But something was different this time. Every day, the loonie was quietly clawing back much of the ground it lost during the previous year’s slump.
So, what was different this time? Well, experts believe the panic that gripped both retail and institutional traders through late 2024 began to fade. As positive economic data started to filter in, confidence slowly returned alongside a few key drivers. By midyear, analysts were already talking about a turnaround rather than just a recovery attempt. The CAD was trading in the 72-73-cent U.S. range, up solidly from its January lows, and here’s its current rate.
Major Factors Behind the CAD’s Recovery
So, what helped the CAD? Well, there were a few clear factors that came together to turn sentiment around and put the loonie back on steadier footing.
- U.S. Dollar Weakness
A softer U.S. dollar was one of the clearest tailwinds for the CAD in 2025. The weakening of the USD started occurring when investors started to pull back from U.S. assets as political tension, fiscal worries, and softer economic data piled up.
What drove it?
- Trade and political uncertainty: Tariff moves and Washington infighting rattled investor confidence.
- Fiscal strain: Deficit concerns eroded trust in U.S. financial stability.
- Fed policy shifts: With the Federal Reserve showing interest in cutting rates (and actually doing so on September 16), the yield advantage that once favored the dollar began to fade.
As investors reduced exposure to U.S. assets, capital rotated into other major currencies. The CAD, being liquid and commodity-linked, was one of the key beneficiaries, strengthening almost by default as the greenback lost ground.
- Diverging Monetary Policy
Monetary policy divergence became another major driver. The Bank of Canada held its policy rate steady near 2.75% through Q2 2025 before cutting in September, signaling confidence that inflation was cooling without stalling growth. Meanwhile, the U.S. Federal Reserve began easing monetary policy with its first rate cut in September 2025, responding to slowing growth and softer inflation. This divergence in pace and tone helped support the Canadian dollar’s rebound.
This narrowing interest rate gap mattered. And with Canada offering relatively higher yields, foreign investors found the loonie more attractive, especially compared to the softening U.S. dollar. For traders, the CAD started to look like a better carry trade than it had in over a year.
- Easing Tariff Fears
Another major psychological lift came from the fading of tariff risks. In the first half of 2025, Trump’s proposed 25% tariffs on Canadian goods lost traction as political attention shifted elsewhere. While some concerns still lingered, the immediate threat of a trade shock began to ease. Cross-border trade flows regained a bit of momentum, and markets started to price in a smoother path for Canadian exports. That renewed confidence played a key role in supporting the loonie’s recovery.
Can the Loonie Hold Its Ground?
As 2025 moves forward, the consensus among analysts is cautious but constructive. Most expect the Canadian dollar to trade in the 1.33-1.36 range against the U.S. dollar, a level that points to stability. The worst of 2024’s volatility seems to be behind it, but the loonie’s next moves will still depend on how the global story unfolds.
A Currency That Refused to Stay Down
The past two years have been anything but smooth for the CAD, but this move has proven one thing: resilience runs deep. After weathering policy shifts, tariff scares, and market pessimism, the loonie has managed to rebuild its footing in 2025. Its recovery hasn’t been dramatic. It was grounded in solid fundamentals and steady confidence. For traders, that’s a reminder that sentiment can turn just as fast as it fades.
Features
Statistical Volatility Models in Slot Mechanics: Extended Expert Analysis Informed by Pistolo Casino
Analytical reviews of slot volatility often reference ecosystems similar to those found at Pistolo casino. Within the gambling research community, volatility is understood not as a marketing attribute, but as a technical framework that shapes how digital slot systems distribute outcomes over time. Expanding on earlier overviews, this extended analysis examines the deeper mathematical logic behind volatility classes, as well as their implications for long-term behavioural modelling.
Volatility as a Mathematical Architecture
Slot volatility is commonly divided into high-, medium-, and low-risk models, yet this simplified categorisation hides the structural complexity underneath. Developers configure several layers of probability weighting, which include:
- Event Density Layers – Each slot contains multiple weighted segments representing minor, medium, and rare outcomes.
- Return Frequency Curves – These curves dictate how the distribution of payouts drifts around the long-term equilibrium.
- Reel Weighting Matrices – Symbol appearance probability is shaped not only by frequency but also by conditional dependencies within each reel strip.
Research drawing on examples parallel to Pistolo casino shows that modern slots increasingly use modular probability blocks, making outcome variance more flexible and more precisely adjustable during development.
Behavioural Interpretation of Volatility Signals
From a player analytics perspective, volatility modelling helps identify how different user groups respond to varying risk structures. High-volatility mechanics frequently attract users who seek extended tension cycles and the possibility of occasional strong outcomes, while low-volatility systems are associated with steady-state gameplay and longer average session times.
Analysts also examine “volatility fatigue,” a concept describing the moment when prolonged dry cycles reduce engagement. By tracking these patterns, researchers can map how changes in event spacing affect decision-making, bet sizing, and persistence.
Simulation Methodology for Evaluating Volatility Accuracy
Technical audits rely heavily on large-scale simulations—sometimes exceeding fifty million iterations — to verify that the modelled volatility aligns with theoretical expectations. Key indicators include:
- Hit rate stability across long sequences
- Distribution symmetry, ensuring outcomes do not drift into accidental bias
- Deviation corridors, which define acceptable ranges for short-term anomalies
- Return-to-player convergence, showing whether the model equilibrates over time
When discrepancies appear, developers may adjust symbol weighting, probability intervals, or feature-trigger frequency until the system reaches internal balance consistent with regulatory and mathematical demands.
Volatility’s Role in Market Diversity
Volatility modelling helps explain the substantial variety between slot titles. Instead of relying solely on themes or graphics, modern game design differentiates titles by emotional rhythm and progression speed. This technical approach has led to more deliberate pacing structures where reward cycles, anticipation building, and event clustering are calibrated through mathematical systems rather than subjective intuition.
Conclusion
Volatility remains one of the most precise and data-driven components of slot design. Its study provides insight into outcome diversity, behavioural responses, and long-term predictability. Research frameworks referencing platforms comparable to Pistolo Casino highlight how volatility models shape modern gambling environments through measurable probability engineering and large-scale simulation.