Features
Moe Levy reminisces about the late Izzy Asper
By BERNIE BELLAN In March 2023 Moe Levy retired as executive director of the Asper Foundation, after 23 1/2 years in that position.
To that point Levy had been the only person to hold that position. In an April 2014 column about Levy I wrote about how he had come to fill that role. Prior to becoming executive director of the Asper Foundation, Levy had an extensive background in both the public and the private sectors.
After coming to Canada from his native Bombay, with a stop in Israel along the way, Levy entered university here, acquiring both a Bachelors and Masters in Business Administration from the University of Manitoba.
As I noted in my 2014 article, “Levy says that he began to work for the Manitoba government as soon as he graduated from university here. ‘I started off as a consultant, he explained. In two years ‘I created the first business incubator program in Canada,” he said with pride. ‘It was called ‘Enterprise Manitoba.’
“One of the programs that grew out of that particular initiative was something called ‘Business Start”,’which saw young entrepreneurs receive $5,000 grants from the government,’ ” Levy added.
Later, Levy was involved in various other enterprises, including joint ownership (with his brother) of what became two well known restaurants in Winnipeg (although both have since closed): Moskowitz and Moskowitz” (at the corner of Mayfair and Main), then Schmeckers (in St. James).
As I noted, however, Levy and his brother eventually sold the restaurants. “ ‘I couldn’t stand the restaurant business,’ Levy explained.”
In 1993, along with other investors, Moe bought a company known as the Northern Fur Exchange – which is where I first met Moe and his late wife Barbara (who was heavily involved in managing the company), when I went there to do a story about the business.
“But, by 1999, Levy says, he ‘wanted to take the company in a different direction than his partners, so he sold his interest to them and began to take stock of where he wanted to go
from there.
“ ‘I was 51 years old. I saw an ad in the Globe and Mail. It was an ad for a Jewish foundation (in Winnipeg). It didn’t say exactly which foundation. The ad was for an executive director for that foundation.’
“ ‘I threw my name into the hat,’ he said, without knowing that he was applying to be executive director of the Asper Foundation. Levy had met Izzy Asper only once before – in 1997, when Asper was in the process of endowing the Asper Centre for Entrepreneurship at the University of Manitoba. While the two men eventually forged a close relationship, it was as a result of Izzy’s sudden death in 2003 that Moe Levy found himself working hand-in-hand with Izzy’s daughter, Gail.
“While the Hebrew University was the major focus of the Asper family’s involvement in Israel for years, Gail paid tribute to the Asper Foundation’s work in Israel having ‘greatly expanded’ since Moe Levy became executive director of the Foundation,” I wrote in that 2014 article.
This past May 22, Moe Levy was the guest speaker for the Remis Luncheon group. His talk was advertised this way: “Moe will recount many compelling and funny stories of working with Izzy, one of Canada’s leading philanthropists and entrepreneurs. including the initial vision for the Canadian Mureum for Human Rights, the Asper School of Business, and many ground breaking projects in Winnipeg and Israel.”
Before he began his talk I asked Moe whether anything he was about to say would be off the record. He thought about it and replied that if he were going to say anything that he didn’t want recorded, he would let me know. As it was, he only thought of going off the record once – and even though he didn’t say: “This is off the record,” the fact that he even contemplated it led me not to repeat what he had said. (As you read on, you’ll find what it is that I withheld printing.)
Levy began by recalling sitting in Izzy Asper’s “beautiful back yard” one July evening in 2000. “He had just given away $50 million in the last 10 months. I started on September 1, 1999 and, in six months – $10 million to the Jewish Foundation, $10 million to the Winnipeg Foundation, $5 million to St. Boniface (Hospital), $5 million to the Hebrew U…”
“I had just come back from visiting the Museum of Tolerance in Los Angeles. Izzy’s passion for human rights goes back to 1973 when he tabled the first Bill of Rights in the Manitoba Legislature.” (Asper was leader of the Manitoba Liberal Party at the time. I remember interviewing him for a paper I was writing about the Manitoba Liberal Party.)
During the course of that evening, Levy said, Izzy broached the idea of building a human rights museum in Winnipeg. “Later that night, around midnight,” Levy continued, “the phone rang.”
“It has to be Izzy,” Moe’s wife (the late) Barbara said.
Picking up the phone, Levy observed that Izzy told him, “You know that idea we spoke about tonight? After you left, I went downtown and I found the land that we’re going to build this museum on…It’s the same site on which the museum is located today,” Levy noted.
“But,” Levy added, Izzy also told him: “It’s Tuesday night. By Friday I want you to get the land – to tie up the land.”
“But Izzy,” Levy said he asked Asper, “there are a lot of levels of government to go through.”
“Don’t worry,” Asper replied, “Just tell the guys I sent you and it’ll get done.”
Levy told a story about the first trip he took with Asper. It was on Asper’s private jet; they were flying to Toronto. As you might expect, if you knew anything about Izzy Asper, “the cabin was full of smoke.”
The purpose of the meeting was to meet with “two of the most important Zionist figures” in the history of Israel, Levy said: “Smoky Simon – who created the Israel Air Force; and Harry Horowitz” (who had deep roots in right wing Zionist causes, according to information on the World Zionist Organization website). Simon and Horowitz wanted “to get a million dollars for the Menachem Begin Centre.” (Incidentally Levy also mentioned that Horowitz had once come to Winnipeg at Sid Halpern’s invitation. Sid Halpern is a regular attendee at the Remis Grooup Luncheons and Levy was looking right at him when he made that remark.)
(What I find so contradictory about Izzy Asper, however, was that, as a supposed staunch defender of human rights, his actions belied the notion that he was a champion of human rights. Anyone who admired Menachem Begin, for instance, could hardly have been considered an advocate for human rights – unless by human rights you meant the rights of certain groups, but not others. Oh well, we’re all full of contradictions, aren’t we?)
Levy went on to describe his “life with Izzy as nothing short of amazing, exhilirating, exciting, such as “putting together the jazz series…” Apparently, according to Levy, Asper would go so far as to choose the playlist for any jazz concert performer (sounds like Trump), but “come Monday morning,” Levy said, “I would receive a memo from Izzy saying they did not play the playlist in the order I gave it to them!”
Also, according to Levy, Asper couldn’t just sit back and enjoy the jazz concerts. Instead, he would head up to the top of the Berney Theatre (home to the Asper Jazz Series) and “count the empty seats.”
Again, in addition to complaining about artists not following his playlist instructions, Asper would complain about empty seats in that same Monday morning memo. Since the concert series was invariably sold out in those years, any empty seat signified a subscriber not having shown up.
In that same memo Asper would complain, for instance, that “there were 17 empty seats. Those subscribers could have given their seats to someone else!”
The subject of Holocaust education was also something that was very important to Asper, Levy noted. “Izzy recognized very early on that we needed to reach not the Jewish kids, but the non-Jewish kids, so that over the course of time we’ve sent 14-15,000 kids on trips to Washington” (to visit the Holocaust Museum).
Another memorable incident which had a connection to Asper and in which Levy played a part, albeit a minor one, was “the Concordia riot” of 2002.
“Concordia” (University, in Montreal) ” was a hotbed for antsemitism,” Levy explained.
Along with Rabbi (Joshua) Poupkow, who was from Montreal, Levy and Asper decided (in September 2002) that it would be a good idea “to bring BB Netanyahu to Montreal to speak at Concordia. He (Netanyahu) was in between jobs, after serving as Finance Minister (of Israel), then Prime Minister, he was on the speakers’ circuit. So, we paid him …to come for three lectures: Montreal, Toronto, and Winnipeg.” (Levy wasn’t sure whether the exact amount Netanyahu paid should be published, so I won’t repeat the figure here. Suffice to say, it was a huge amount.)
“We knew that” the pro-Palestinians had as their aim that, “if Netanyahu shows up, he’s never, ever going to speak at Concordia. So this became a major challenge for Izzy. ‘I’m going to bring him here (Montreal) and I’m going to make sure he speaks,’ ” Levy said was what Asper wanted to do.
“Of course, BB always wanted to fly on a private jet, so Izzy – who had other things to do, told me to take his private jet and go pick up BB.”
“So I flew on Izzy’s private jet to pick up BB. I’ll never forget – his wallet was about this thick (and here Levy gestured with his fingers showing how thick Netanyahu’s wallet was) and it was full of thousand dollar bills,” Levy observed.
“Anyway, by this time, the press is full of stories – about how students are going to stop him from speaking,” Levy said. “So we land – and Netanyahu has one security guy with him and, I’m not kidding, he was about this high (gesturing to show that he was very short). But he had a lot of guns on him. I don’t know how many.”
“There are about 20 police cars waiting for us and they wouldn’t let the security guy off the airplane with the guns, so we sat while” diplomats negotiated how many guns the guard might be allowed to take with him and, in the end, “he was allowed to take one gun with him.”
As one might have expected, there was a huge crowd of demonstrators surrounding the hotel where Netanyahu was staying (the Ritz-Carlton).
Netanyahu though, was determined to speak at Concordia. However, his “security guy got on the phone with the Mossad in Israel and they said there was no frigging way they were going to let him speak. So his security guy told him he’s not going anywhere.
“But BB, all of a sudden, decides he wants a haircut. Someone tells him there’s an Arab barber in the basement. He was asked whether he was okay with that?”
He answered, “absolutely.”
Levy described the ensuing scene: There’s BB sitting in a chair, with this “Arab guy giving him a haircut,” while BB’s security guy has his hand resting over his jacket where his gun is – ready to spring into action if needed.
The upshot was that BB “was not allowed to speak.” A riot did take place at the Sir George Williams campus of Concordia University. Levy noted that there were two documentaries made about the riot, (one by the National Film Board, titled “Dicordia,” and the other by filmmaker Martin Himel, titled “Confrontation at Concordia.”)
Another story Levy told was about a meeting held between Asper and then-Prime Minister Jean Chretien to discuss federal funding for the Human Rights Museum. (Levy says the meeting was held at the Prime Minister’s residence in Ottawa, but every other source that I was able to check referred to a meeting at Izzy Asper’s Palm Beach residence, in 2001. Perhaps there were two meetings.)
In either event, Levy said that, as the only other person in the room during that meeting, he was fascinated with the notion that the most powerful man in Canada at the time, Jean Chretien – according to Maclean’s Magazine, was meeting with the second most powerful man, Izzy Asper, again – according to Maclean’s Magazine,
As Levy described it, “there’s these two guys, arguing over how much money” the federal goverment would be willing to commit to the building of the human rights museum. “There was something explicit going on between these two guys. I thought: ‘You two guys use that kind of language with each other?’ “
Asper always liked to dream, Levy noted. For example, where the skating rink now sits on the Asper Campus, “he wanted to build a 500 seat concert hall,” Levy said.
He told another story about a trip Izzy and Gail Asper took one day in 1999 to Steinbach, where they were supposed to meet with Chuck Loewen of Loewen Windows. The purpose was to hit up Loewen for a contribution to the Canadian Museum for Human Rights, which was still only a dream that Izzy wanted to bring to fruition at that point. Although one of Canada’s most successful businessmen by then – perhaps actually the most successful at that time, Izzy was not above doing the grunt work that was indispensable to raising enough money for the museum project – so that eventually the idea was that with enough privately donated money, it would leverage the federal government into contributing to the project as well.
Levy said that, while sitting in his oiffice, he got a call from Gail, who said, “Moe, we’re at Marion and Lagimodiere. How do we get to Steinbach?” It turned out they were in the wrong lane, but eventually, after much explaining which way to go, Izzy and Gail did make it to Steinbach, Levy observed.
Levy recalled the say he heard the news that Izzy had suffered a massive heart attack – and had died. “It was October 7, 2003, and we were on our way to Vancouver to launch an international architectural competition” for the design of the new museum.
Izzy Asper’s funeral was one of the largest ever held in Winnipeg. It attracted former prime ministers, the then-Prime Minister (Chretien), and a host of dignitaries from all walks of life. The day that Izzy died, Levy added, he was supposed to have received an honourary Indigenous title from Manitoba Grand Chief Phil Fontaine, which, translated into English, Levy explained, was “He who walks among the stars.”
Levy said: “What can I say about Izzy except that he was charismatic, a raconteur, bon vivant, had a great sense of humour, was an entertainer…he lived a hundred lives.”
Later in his talk, Levy added this about Izzy Asper: “He was the kind of guy who made you think you could accomplish anything. He made you sit there – and imagine and, before you knew it, you were doing things well beyond what you thought was your own capacity.”
In describing the effort that went into fundraising for the museum, Levy noted that “When you think about it, 75% of the money privately raised came from this little city (Winnipeg) – $115 million.” That fact was pivotal in then-Prime Minister Stephen Harper’s coming forward with a major contribution from the federal government: $100 million plus $21.7 million annually for operating costs.
Turning to Izzy Asper’s “passion for Israel,” Levy described Izzy’s support for the Hebrew University of Jerusalem, saying that Izzy was determined to undertake the human rights museum project without sacrificing any of his commitment to the State of Israel.
Levy noted that “in a month the Hebrew University is going to celebrate its hundredth anniversary. Who was there (at its founding)? Einstein, Freud, Buber – the greatest minds that ever lived,” he suggested.
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.