Features
A story of resistance and courage from Ukraine
By MARTIN ZEILIG In late July, I received a document from a friend, which was sent to him by someone associated with the Beamsville, Ontario-based charitable organization, Friends of the Mennonite Centre in Ukraine , (FOMCU).
The document was part one of a story written by Iryna Lynka, the mayor of Molochansk, a city in eastern Ukraine.
Lynka was captured by the Russians around March 15 after Russia’s unprovoked, illegal and genocidal invasion of Ukraine began on February 24, 2022. She was released three and a half weeks later, and is now living in the Ukrainian controlled city of Zaporozhian, Alvin Suderman, the FOMCU Chair in Steinbach, wrote in an email to me.
“It is a horrific story,” he wrote.
“Imagine being held in the prison in Tokmak listening to the screams of people being tortured.”
The report was translated into English by Oksana Druchynina, the FOMCU manager now living in Abbotsford; B.C. Ms. Druchhnina is still translating the second part of Ms. Lynka’s narrative.
Iryna’s story
The former mayor of a town in south eastern Ukraine has finally been released, after nearly four weeks in Russian captivity. What’s more, she is defiant.
“And I didn’t surrender, I was reborn from tears. I was born Ukrainian.” Those words are from a song Iryna Lynka knew before she was abducted by Russian soldiers.
Iryna was elected mayor of Molochansk in Zaporizhzhia. After Russia attacked Ukraine in February, her community was occupied in two days. She says initially, the Russians did not behave cruelly, as it seemed they believed their own propaganda that they would be welcomed. They were wrong. When the security arm of the Russian military arrived, three weeks later, the abductions began.
“On March 31, at 6 am, they came to my home. A search was conducted. My sister and my mother, who is 82-years-old, were staying overnight. I asked them not to disturb my family, and they did not. First, they asked if there were police or Ukrainian soldiers in our house. I could report that there were none.
“Then they asked why I—as a local politician— supported a pro-Ukrainian party called the “Servant of the People” rather than the pro-Russian party called OPZZH. They took away all the papers and work files. They took me outside and the home was searched by five Russian agents. I noticed that there were many fully armed men on the street. They surrounded the house.
“As they were taking me away, we passed a Russian armoured vehicle, and the driver turned to me and scornfully said: ‘Are you disappointed that this is not the Ukrainian Armed Forces!’”
WITH A BAG ON THE HEAD
“Then they put a bag on my head and put me in another car. They drove to the Tokmak police station, 12 km away. My deputy and another town worker were also brought there. I noticed through the fabric covering my face that they also had bags on their heads. Their primary goal was to lure me— as the head of the community— to their side.
They took my phone and passport and said that we know everything about you, that you have authority among the population and that you are very suitable for us. They wanted me to join their side, to make a video of me distributing their “humanitarian aid” and to talk about the advantages of the Russian Federation. I was to tell people to join the Russian side. And I immediately said “No.”
“At first, they seemed to be polite, addressing me with respect. Then later, they were very rude and disrespectful.”
“REAL BANDERA!”
Iryna says she was interrogated by young security services men who were not older than 30. They teased and threatened her.
“They opened my passport and saw my place of birth, which is the Lviv region. But I have lived almost my entire life in Eastern Ukraine, in Zaporizhzhia.
“Ah, so you are a true Bandera! “ (a pejorative term for Ukrainians, coined after the Nazi collaborator and anti-Semite Stepan Bandera), they said.
“All the interrogations took place at the police office assembly hall. I had been placed on a chair in the middle of the room, surrounded by six to eight men with machine guns pointed at me. They all wore balaclavas, but I will never forget their eyes. I think I could recognize them now.”
“I was told I had two options: to cooperate or to hope for an exchange. Of course, I wouldn’t want to go with a suitcase to an unknown place where I don’t have anywhere to live. But personally, I did not imagine how it is possible to cooperate with them. Later, the lawyers in Ukraine explained to me that if I had given my consent to cooperate, it would not have been seen as collaboration by Ukrainian authorities, since I was forced under machine guns, and it would not have been a voluntary decision. But I immediately understood that Russians are people with whom there will be no compromise, no dialogue. And if I had agreed to hand out their ‘humanitarian aid,’ then they would have had more orders, they would never stop forcing me to do what they need.”
BLACKMAIL AND THREATS
As a result of refusing to cooperate, Iryna was threatened and told her family and children (she has two adult sons) would suffer the consequences. “They said: ‘You will die and rot here. We will take you to Russia and we will put you before the court and judge you according to Russian laws. No one will find you!’ ”. She understood all this was possible.
“I was interrogated in the evening when it was already dark. They were angry… because they couldn’t get what they wanted from me, they couldn’t do anything with me. But physically they did not touch me.”
Still, Iryna says they used whatever means they could to intimidate and blackmail her. She says when she returned to her cell after the interrogations, everything felt mixed up. She had never written poetry in her life yet, while in captivity, she wrote half a dozen poems.
She did not know what would happen from one minute to the next, and whether she would ever be released.
And she recalled her friend’s song. “When I remembered these lines, I didn’t think about my troubles, but I thought of people who had it much harder than me, and especially our men and women at the front. And I had to survive through all these troubles. I only asked and prayed to God that they would not take advantage of my family, so they would not arrest and torture them.”
OUR GUYS WERE
UNGODLY TORTURED
But Iryna‘s time in her cell was excruciating. She could not bear the sounds she heard coming from men being tortured nearby.
“We, the women, were not beaten up, but what I heard… the window in the cell was opened deliberately so that I could hear what was happening there, how people screamed, how they were mocked. The boys were brutally beaten, which was not done to the women! They were moaning, and screaming, and begging… just horror. Later, one of them told me that they poured water into a bowl and passed an electric stream through his legs, and something was inserted under his nails, and he was pricked.
“And here you are, lying in the cell, no one touches you, but you are tortured by those sounds and screams of terror. I thought how can those who torture people, return to their families, how can they hug their wives and children, be gentle? They were not acting human.”
“KYIV, CHERNIGIV AND
SUMY ARE OURS!”
While in captivity, Iryna had no information from the outside. Taking advantage of this, the security services officials said that the Russians had already taken Kyiv, they had taken Chernihiv and that there would be no Ukraine.
“Somehow, I was able to receive a small package of chocolate and prunes from my sister, Svetlana. Hidden inside, was a note: ‘Kyiv, Chernihiv and Sumy are ours!’ ”
“God, how I kissed that note! I understood that they were deceiving me, that everything was not so bad. Over time I received a few more notes. How important that was. It broadened my understanding of what was happening.”
“Something I won’t forget is how afraid I was of getting sick. In April, it was very cold in the concrete cell. My feet were freezing. Medicines were sometimes given, but there were times when a doctor was deliberately not called. Once I woke up and I was shaking; I took a pill. I did not know whether my blood pressure was very low or, on the contrary, too high. I called for a doctor, but he never came. And in the evening, they called me for questioning and smiling, asked ‘Well, how are you?’ I said that everything was fine, but I thought to myself, ‘You will not get me!’ For them, all their tactics were acceptable, and I understood that one must never show weakness or fear. I’m not saying that I’m fearless and I was not afraid. No, I was afraid. I understood that anything could happen.”
HOPE FOR AN EXCHANGE
“A week later, I signed a letter of resignation, saying I was no longer mayor. I understood that according to Ukrainian laws, this would not change anything, but the security services wanted me to formally acknowledge I was not the head of the community. Together with the resignation letter, I made a written request to be included in a prisoner exchange and this was handed over to the Molochansk town council.
“Although under the Geneva Convention, civilians cannot be captured and therefore can’t be exchanged, the Russians did just that. They abducted people so they could have an ‘exchange fund’ for their side.
“My name was included on a prisoner exchange list three times. Two Russian soldiers were offered for me. However, I was taken off the list every time. I’m convinced that the man who lost the mayoralty election to me, and who now cooperates with the Russians, helped remove my name.”
MORE THREATS
“One day, a new commander was going around the cells. I asked him about a prisoner exchange. He told me it was ‘in the process.’ That’s when I realized an exchange was very possible. Soon, during another interrogation, an officer offered to record a video of me appealing to my community, with propaganda about the Russian Federation.
“I refused again. ‘Then you will die in the cell!’ And I said, ‘I will be exchanged!’ He replied that they tore up my application and flushed it down the toilet, that there would be no exchange. ‘It will happen,’ I said. ‘There is already a resolution.” He snapped: “How do you know?”I told him that I had been informed. He shouted: ‘That’s it! No more relief packages from your family.’
“I was afraid that they would search the cell and find the notes. As soon as I returned from the interrogation, I tore the notes up. These pieces of paper were so dear to me, I reread them multiple times, but I threw them into the toilet.”
RELEASED, BUT THE FEAR REMAINS
In the end, Iryna Lypka was not exchanged, but released. The Russians did not explain anything. She believes that she was saved because the men holding her captive were reassigned and a new, more compassionate team was brought in.
“I was released in the afternoon on April 23, just before Easter. When I came out, I was so dizzy, that my legs wobbled. I was not weak, but the arrest left its mark. For example, I woke up on Sunday at home, opened my eyes and got scared – why is there so much light in the room?
“Or when a dog barks on the street – I run to the window. If a tractor is driving by, I imagine that I see a tank. If I see Russian military vehicles driving by, I think they must be coming for me.
“Soon after my release, Mayor Kotelevskyi of Tokmak was killed. This is the city where I was held prisoner. Officially it was declared to be a suicide, but the people did not believe that. As the deposed mayor of Molochansk, I did not feel safe and this is when I felt I had to leave.”
In the end, together with her 82-year-old mother and her sister’s family, Iryna left for the nearest Ukrainian-controlled city of Zaporizhzhia.
“IF WE FIND BANDERA –
WE WILL SHOOT EVERYONE!”
Iryna Lypka says it is difficult for Ukrainian people to understand the Russian army.
“The Russian soldiers went from house to house and asked, ‘Do you have Bandera?’, and people laughed at them. The Russians said, ‘If we find them – we’ll shoot everyone!’
“Some Russians made themselves at home in one of the houses. The owner came in and smelled a terrible stench from dirty clothes and socks. She was indignant: ‘You could at least ventilate. They were surprised: ‘Are you saying that your windows open?’ It turns out that they had never seen double-glazed windows, yet they came to Ukraine to ‘save’ us.
“Russian soldiers are amazed that the houses are all built of brick and stone. It appears that they rob households of microwave ovens as they have never seen them before. The occupiers also told her that they have no natural gas in the villages in Russia. That is, the pipeline goes through the village, but there is no access to the gas for the villagers.
“They were amazed at everything – the paved road, natural gas, and streetlights.
“The security services tried to tell me during the interrogations that Ukraine is a mess and that Zelensky is bad. On the contrary, I started telling them about the program… ‘Big construction’ being implemented in the country – roads, schools, gardens, sports complexes—large facilities are being built. We have problems and we need to solve them, but we do not go to Russia to solve theirs.
“Only once, during the interrogation, one of them blurted out that ‘I feel sorry for you because you are a woman.’ And others have no emotions – they just have the orders they follow. And they just have a terrible hatred for us.”
Now Iryna Lypka is in Zaporizhzhia, dealing with issues of financing the community, as well as issuing documents to graduates of the schools in the area. She also organizes the work of the Children’s Affairs Service. In Zaporizhzhia, they are trying to help those who have fled the Russian-occupied area, and they are also arranging humanitarian aid. Those who leave Zaporizhzhia deliver necessary goods to the Russian-occupied community.
The new mayor appointed by the Russians operates in Molochansk. He drives Iryna’s car around the town, the one the Russians seized from her.
“There are people in Molochansk who cooperate with the Russians or seem happy about their new life. There are women who live with the Russian occupiers.
“I cannot understand these people. They see what the Russians do, how they mock the Ukrainians, how they rob and take everything from people. Everyone sees everything with their own eyes, not from the TV screen. And someone goes to bed with that animal. It simply cannot be understood.
“What can be said, of people who are well- off, fighting to get in line for Russian ‘humanitarian aid,’ so that even the Russians laugh and film them? Well, one could understand if people were really bloated with hunger. But each of us has potatoes and vegetable gardens. You should not disrespect yourself like that! I also don’t understand a person who always puts her hand on her chest while singing the National Anthem of Ukraine and today is collaborating with the occupiers. However, there are just a few of them. There are more patriotic people than corrupt ones.”
“I believe in our Armed Forces. I believe that we will definitely win and rebuild our beloved Ukraine. Let’s all believe!”
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.