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Bygone Winnipeg: A fictitous story based on true events: University of Manitoba Faculty of Medicine 1932-1944

David Topper

By DAVID TOPPER Call me a witness. I was there and heard almost everything that’s relevant to this story.
Yet, thinking deeper, I guess you could call me a spy – well, at least, some may say that, for there was an element of skulduggery in my employment situation. It was all because of my father, who changed my name when I was born. Of course, we’re all born with a surname, but―

 

Wait. Let’s first go back to my grandfather, Moshe Levinstein, who was born in Russia, and who as a young man experienced a small pogrom – small in terms of later ones – which was enough to convince him to emigrate as fast as he could. Several people were killed, a house was burned down, and there was a rape – that ‘small’ event drove him to leave Russia, forever. He never looked back, even when Winnipeg, Canada turned out not to be quite the paradise he expected. Because he quickly found that anti-Semitism was endemic.

My father, Solomon Levinstein, while growing up, saw the struggle his parents went through being Jews in a Christian country (with the English majority Protestant, and the minority French Catholic), and he wanted to protect me as best he could when I was born. He wanted me to fit into the social fabric more than he ever could. And since I turned out to be a girl, there were even more barriers on my horizon – ‘closed doors,’ he called it. He told us that he was thinking about all this when I was still in my mother’s womb. You see, he liked to ‘plan ahead,’ which was another of his favourite phrases.

Oh, speaking of being in the womb: my grandmother died when my mother was eight months pregnant with me, and so I was supposed to be named some variation of Minnie Levinstein, as is the Jewish tradition. But since my father was obsessed with my fitting in better than he did, and he also wanted me to get through some otherwise ‘closed doors’ – I was named Mildred Evans. He said Evans and ‘Levins’ rhyme, and so do Millie and Minnie. It was also a nice Aryan-sounding name, “as the Germans would say,” he said.

Mind you, while growing up as Mildred Evans, I nonetheless didn’t hide my Jewishness. Indeed, I often went to synagogue on Saturday/Sabbath. But then, I also often went to church on Sunday and―
Um, I guess I need to explain that. You see, my best friend was Mary O’Brian, which tells you that she was probably Irish Catholic, which she was. Now, here’s my perspective in all of this. I was very precocious and very smart and I read a lot. I liked languages. On weekends I enjoyed Hebrew in the Synagogue and Latin in the Church. Two ancient languages, one dead except for the Christian Mass, and the other kept alive in prayer and Torah study. Plus, you must remember that Latin was still taught in schools at this time; it was part of a Liberal Arts education in the first half of the 20th century. Many universities required High School Latin for entrance to their freshman classes. As well, to me, the Mass was like an opera, with singing and those glorious organ pipes vibrating and echoing throughout the church. Mary and I, by-the-by, went to the beautiful Cathedral in St. Boniface, with the astonishing and huge Rose window. You see, there were no organs in any synagogue. And so, it was not so strange for this Jew to enjoy the Catholic Mass as a musical event. Think of Bach, a devout Lutheran, who wrote his wonderful Mass in B-minor.

Anyway, to me the Mass was a show, and it was free – well not completely free, since the church always passed around a collection basket near the end of the service – a sort of pay-what-may type thing, you could say. I remember that Mary, when I took her to her first synagogue service, was surprised that there was no collection at the end, especially since after the service there was an oneg in the social hall, with food galore. But I digress.

The service of the Mass, to me, was not entirely unfamiliar, since there were many prayers and texts that borrowed passages from what they called The Old Testament: many of the sayings of the prophets, Isaiah, Jeremiah, Ezekiel, and others. “But what about the stuff on Jesus?” you may be asking, eh? Well, you see, I read a lot of history, as I told Mary – and I must say she was shocked when I first told her this; although eventually she (well, sort of) agreed with me – well, I told her that Jesus was not a Christian, but a Jew named Yeshua, and he always was; ‘Jesus’ was the later Latinized name. He had some differences with the Jewish hierarchy at the time, along with problems with the Romans who occupied the Holy Land, so much so that they (the Romans) crucified him. It was after his death that Christianity was born, due in large part to the preaching and writing of a Jew name Saul, whose name was later Latinized to ‘Paul’ after he had a vision of the resurrected Yeshua/Jesus. Saul/Paul made a strong case for rejecting many Jewish practices (such as circumcision), so much so that his sect broke free from its Jewish root. They became known as ‘Christians,’ since Paul preached that Yeshua was the real messiah (or ‘anointed one’), which in Greek is ‘Kristos,’ later Latinized to ‘Christus.’

Mary laughed when I said that therefore you might call the birth of Christianity a Jewish conspiracy. “Oh Millie,” she said. “You’re so smart it sometimes scares me. What is going to happen to you?”
Good question.
So, what did happen to me? Well it helped being smart, that’s for sure. Very smart, indeed. But not pushy. No, not pushy or impudent in any way. Not at all. You see, I was (and still am) happy with less – a lot less than I probably could have had. Yes, I lived (and still live) parsimoniously.

Well, I got a university education with excellent grades (as you might expect) but I didn’t go any further, although I could have, and was encouraged to do so. But I saw the university system as a barrier to women. And I was not inclined to fight the system. As I said, I was satisfied with less. While still a student at the University of Manitoba, I got part-time secretarial jobs, since I was a fabulous typist and proof reader. Even before I graduated, I was offered a full-time position as a secretary in the English Department, since their long-time-serving woman was thinking of retiring. And in the end, after graduation, I got the job.

It was the best decision of my life, looking back on it. You see, in this job I could go home at 5pm to my modest house not far from the university and forget about the job until the next morning. In the warmer weather I could walk to and fro; although in the dead of winter I took the short bus ride. After all, it was Winnipeg. And at home I could read whatever I wanted. Play the piano. Do my art work: drawing (pencil and/or pen & ink) and painting (only watercolour). Listen to the radio. And I read as much as I wanted: lots of books, magazines, and newspapers. I got the New York Times Sunday edition in the mail every week; it was a bit late, of course, but there were so many articles of interest that it was a source of almost endless reading throughout the week. For example, I recently came across this quote from the famous Albert Einstein in an article about him: “Perhaps it is due to anti-Semitism that we can preserve ourselves as a race; at least, this is what I believe.” I’ve been thinking a lot lately about this, especially in light of what I am going to tell you later. Incidentally, when I was a student, there were no Jewish professors on the faculty. Even as late as the mid-1940s, there were still only four Jewish professors.

In contrast to my life, my boss’s home life was filled with lectures to prepare, and even on weekends there were papers to mark, exams to compose and later to mark. And so it went. He often told me I was fortunate to be able to start a book and just read it at my leisure, right through if I wished. He confided in me that he seldom had time to read half of what he wanted to. I believe he liked talking to me, since I was smart. He often asked my advice regarding even the content of the texts that I was typing for him. We got along swimmingly, as you might surmise. We had a very good rela―

Okay, before you start fantasizing further, let me stop you. There was nothing beyond our professional relationship. Nothing at all. Throughout the university, in all my jobs – nothing. No flirting, never. I had no affairs in those years in various secretarial positions, if that’s what you’re thinking. And here’s why: I am not attractive. I knew this in High School, and was satisfied with it. Remember, I like a simple life, and I discovered that this unattractive state makes life uncomplicated – or, at least, less complicated than it otherwise might be. I could see among my classmates in school that the (let’s call them) ‘attractive’ girls had a life that was a roller-coaster ride. Up, happy, being gleeful; down, way down, when a guy dumped them. Yes, I saw some girls get really down; had to take pills; some even admitted to hospital. I thought: who needs this crap? I don’t want those ups and downs; I want a straight ride, flat. “Yes, just flat,” as I told Mary. She laughed, “Well that’s not the only thing that’s flat for you, huh”? We both had a good laugh at that. Remember we were best friends, and each could take a joke.

So, I tell you: my so-called ‘unattractiveness’ was a gift. Which I took and ran with, you might say. Today, you see: I wear no make-up, have a simple straight hair-do extending below my ears but not touching my shoulders, wear loose and non-flashy blouses, have only skirts far below my knees, and I wear sensible shoes – namely, flats (oh, that word again). All this ensured that my relationships with the men under whom I worked at the university would remain strictly professional. Let’s put it this way. I always had a good night’s solo sleep, if you know what I mean.

Of course, this is not to say that I never had an intimate relationship with anyone, but rather that it was not with any of my bosses – and I will leave it at that, for this has gone far beyond the original topic. But – and I emphasize this – all this is not a digression, for I very much want you to know about me and my life at the University of Manitoba, so as to put this story into context and to show how and why what I am going to tell you should not only be believed, but also taken seriously.

Further, to set the stage: I got along well with my fellow all-female secretaries and other staff at the university. My plainness was interpreted as a sort of prissiness, which is not true, but they didn’t know that. As Mildred Evans, I was asked what church I went to, and I told them St. Boniface Cathedral, since I did go to it when my friend Mary and I were kids, so strictly speaking my answer was no lie. Although I know their question had a different meaning. (Incidentally, Mary is now married and living in Toronto, raising her four kids.) They then asked why I go all the way to the other city to attend church and I told them it was about the music and the organ. They understood, and asked no more.

Also, due to my modest behaviour, they questioned why I was not a nun, and it led to them jokingly calling me Sister Millie. I said there was no such St. Mildred, although this may not be true, but then what do Protestants know about saints? – since Luther, Calvin, and the others eschewed them, along with the Virgin Mary, from their theology. And speaking of joking: being ‘Sister Millie’ among these Protestants, I was in an opportune position to reprimand them when they occasionally told anti-Semitic jokes or made similar remarks. And I did. As an art-lover, I also took the occasions to lecture them on the destruction of so much art by the Protestants during the Reformation: defacing and burning paintings, smashing statues, destroying stained-glass windows, and more. They knew none of this; it was a shock to them. They were not taught such things in Sunday-school, they said.

And that brings me to the reason for telling you all this in the first place. For, as I began, I said I was a witness, or even a spy. But for what? Well, for what may be called the backroom conversations. The secret disc―
Wait, I’m getting ahead. Uh, let’s start here: After many years with the English Department, I was promoted to being secretary for the new Dean of Medicine, Dr. Warren Matthews. It began for me at end of term in late May 1932. Although the Dean’s term began in September, he occasionally came around during the summer months to bring things (books, files, and such) so that his office was ready in the fall. He got to know me a bit and seemed very pleased and comfortable with me. His wife, Eleanor, even came with him one summer day – I believe, to check me out. She was nicely dressed, looking very Anglo-Saxonish prim and proper, if there is such a thing. When she saw me, she first looked me straight in my eyes and, while she was saying some pleasantries, she panned down my body to my feet and back up to my face, and ended with a self-assured smile on her face. I passed, since I was clearly no threat to her sexuality, whatever there was of it.

I spent the summer getting adjusted to the new office, going through the files and sometimes reorganizing them my way, and changing some things around in the physical space of the office. For one thing, I preferred keeping my office door to the university closed, but with a COME IN sign, when I was there. I didn’t like the constant background noise and chatter, as well as obtrusive eyes walking past an open door. That summer, I also had lots of typing to do both for the new Dean and for others in the Department of Medicine.

By the fall, when the Dean came in for the new term, we could get right to work. And we did. We quickly developed a good working relationship. He was obviously comfortable with me, for he shortly said that I should just call him ‘Warren.’ Interestingly, he liked me keeping my door closed, since he preferred keeping his door open. He said he was a bit claustrophobic, plus he liked to hear my typing – it had a musical rhythm that he found restful. Importantly, this meant that I was privy to confidential remarks by the Dean and those who ran the administration of the university when they were in his office. In short, I was able to eavesdrop. And eavesdrop I did! And that’s why I’m telling you this.

But this spying came later. The reason I am telling you this is because of an event that took place not long after he got settled into his new office. I can still remember the day. It was first thing in the morning, and after the “how are you” etc., he told me to look at the records of students admitted to the Medical School in terms of their ethnic origin, particularly noting how many of them were Jews. “We already have too many Jews, Millie,” he said. It was a jolt, and although I’m sure I showed no visible signs of my reaction, internally I was shaken. So much so that I almost blew my cover. Yes, even as Mildred Evans, Sister Millie, it―

Well, it’s hard to explain. I was tempted, of course, to ask why, … but, of course, I didn’t. “I’ll get to it right away, Warren,” was the best thing I could say at the time, and I turned away walking toward a filing cabinet, as any loyal Anglo-Saxon secretary would do, but with shaking hands that I hid from my boss.
I found that on the application form there was a line for ‘racial origin,’ and so I was able to do my job. I discovered that throughout the 1920s there were usually about 64 students per year admitted, with 18-25% being Jewish. Other ethnic groups also came – Ukrainian, Polish, German, and so forth, but in smaller percentages. Most, not surprisingly, were Anglo-Saxon – good English stock, according to Warren. When I presented my finding to him, I added another category, and I prefaced it by saying that I hoped he didn’t think I was being impudent in doing so. It was the number of women admitted, which was very low – often none, sometimes one or two. Warren smiled and said it was fine for me to be “conscious of my sex” and he blushed after he said it. I think hearing himself saying the word ‘sex’ out-loud to me, well, it jolted him – the way, on the previous day, his word ‘Jews’ jolted me.

Subsequently, my eavesdropping elicited more examples of anti-Semitism endemic to the faculty, as he chatted in his office with other administrators, keeping his door open. They all agreed. “Too many pushy Jews.” “Since they invariably get high grades in school, if we don’t put a lid on the enrolment, soon they will all be Jews.” “If we don’t do something now, well Jews will take over the faculty.” “First the Jews and then Ukrainians or Poles.” “At least the Frenchies have their own college in St. Boniface.” And so it went – a litany of bigotry, discrimination, and prejudice straight from the mouths of the administrative faculty to the ears of Mildred Evans. At most, a few made mild queries as to the efficacy of it, and the possibility of “aggressive Jewish lawyers” filing a legal case against the practice.

In the end there was a quota system initiated for all incoming classes, keeping the Jewish enrolment low. In 1936, for example, only nine got in. In later years even fewer. Out of 60 or more students, sometimes only four to six were Jewish. Of course, this meant that Anglo-Saxon students with far lower grades than Jewish students were admitted in place of them. And this was for a school to train physicians, dealing with life and death. “Just what we need – dumber doctors,” I told my Jewish friends. You see, I didn’t hide my clandestine information. I told anyone who would listen to me. Unfortunately, where it might make a difference, I got indifference, brought on by fear. Rabbis were afraid to do anything. They went along with the quota rule. “Don’t make waves, things could get worse,” was a standard response. Yes, they went along with the quota system. “Don’t look like a ‘pushy Jew,’ at least we get the ones that we get,” I was told. “Look, honey, be happy with four to six doctors a year,” I was told to my face by a rabbi’s wife. The same thing from the Jewish establishment. The B’nai Brith was afraid to do anything because it might backfire and only make matters worse. Similarly, for the Canadian Jewish Congress, which was reluctant to get involved in this Winnipeg issue. “What wimps,” I told my friends. I did the best I could. I didn’t blow my cover.

For me this thing came to a head in 1943, when the med school again turned down many Jewish and some other ‘ethnic’ students, so as to admit Anglo-Saxon students with (in this case) not only lower grades – but they also admitted some students who didn’t even pass their university exams and thus were required to go to summer school! To me, this was the last straw. The Jewish students’ Avakah Zionist Society got wind of this and began to bring all this out into the open. They eventually got the help of a Jewish lawyer and, yes, a fuss was raised and pressure was put on the Board of the University of Manitoba.

Finally, in 1944, after a dozen years of overt discrimination, the Medical School removed the racial and religious categories in their application. The quota rule finally ended. I celebrated with my Jewish friends. And, yes, Mildred “Prissy” Evans got a little tipsy.
Speaking of celebrating. In 1949, Dr. Warren Matthews was awarded an Honourary Doctor of Laws for his dedicated service to the University. I was invited to a private party for him, but I made up some excuse as to why I couldn’t make it. You see, I was afraid that if I did go, I would not be able to control myself, and proper Mildred Evans, aka Sister Millie, would perform the very unladylike act of making a scene by copiously spitting into the party’s punch bowl.

* * *

 

 

 

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Features

“Kaplan’s Plot” – newly released novel set in Chicago is both historical fiction and psychological drama

Jason Diamond/cover of "Kaplan's Plot"

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

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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.

  1. 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.

  1. 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.

  1. 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.

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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:

  1. Event Density Layers – Each slot contains multiple weighted segments representing minor, medium, and rare outcomes.
  2. Return Frequency Curves – These curves dictate how the distribution of payouts drifts around the long-term equilibrium.
  3. 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.

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