Swans10, Keep in mind that the further the $ moves beyond parity the more discounted our SP will seem compared to the US.
$3.65 / 20 = about 18 cents
$3.65 / 1.03 / 20 = $3.55 / 20 = 17.7 cents, so closer to 17.5
It's a bit deceptive, because the .03 seems like nothing, but the factor-20 conversion makes every sent of parity a bit more "costly" than it would otherwise be.
nearest the pin, page-45
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